• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Tech News
  • Health
  • Home Decor
  • Travel
  • Lifestyle
  • Entertainment
  • Food
Sync Tech

Sync Tech

Daily Trending Blogs

You are here: Home / Finance / Secure your money with the new PPF rules

Secure your money with the new PPF rules

June 16, 2020 by Aziz Yacine

PPF-Rules

Public Provident Fund Scheme, popularly known as PPF is a retirement benefit scheme to mobilise small savings by investing Rs. 500 in the PPF account. A government-backed plan, PPF helps to get safe returns on investment along with tax benefits on the principal amount, PPF interest rate earned, and the amount received at the end of the maturity period.

Here is all you need to know about PPF rules for depositing and withdrawing funds.

Contents

  • Rules for opening account depositing money in a PPF account:
  • Related

Rules for opening account depositing money in a PPF account:

  • To open a PPF account, you need to deposit a minimum of Rs. 500 in your PPF account.
  • You can open a PPF account through any public/private sector banks and post office. Earlier you could open a PPF account in nationalised banks only.
  • The minimum amount that you need to deposit every year is Rs. 500 and you can deposit up to Rs. 1.5 Lakhs in a financial year.
  • Individuals can only open one PPF account in their name. However, you could open a PPF account in the name of minors as a guardian.
  • There is no cap on the minimum and maximum amount that you could deposit in your PPF account every month. However, as the interest is calculated on the monthly balance of 5th of every month. You must deposit funds in your PPF account before 5th of every month to get better returns.
  • Also, you could deposit money as a lump-sum payment or as EMI.

Rules for withdrawing money from PPF account: You can deposit money in your PPF accounts for a tenure of 15 years, which can further be extended in blocks of 5 years.

  • Investors cannot withdraw the funds in PPF accounts before the tenure of 15 years.
  • Account-holders can however partially withdraw funds from their PPF accounts up to 50% of the total amount deposited at the end of the 4th year or the amount deposited at the end of the previous year, whichever is lower. They can make a partial withdrawal from their accounts by submitting Form C once in a year.

 Rules for closing the PPF account: You can also close your PPF account prematurely at the end of 5th financial year or after the maturity period.

  • If account holders wish to close account prematurely they can do so only in two  circumstances:
  1. If the account holder needs funds for the treatment of himself or spouse or children, he can close his account. He can withdraw the entire corpus of the amount deposited at the end of 4th financial year. However, to do so, he needs to submit the documents for the treatment from a professional medical authority.
  2. In case the account holder wants to close his account for expenses of his education or the education of his child, he can do so by submitting documents for illness from a reputed medical authority. He needs to provide the fee bill or admission confirmation from the reputed educational university.

Closing account after the maturity period:  The tenure of PPF account is 15 years, and you can withdraw the entire amount and can close your PPF account after the end of the maturity period. However, if the account holders want to withdraw funds after the maturity period, he can do so by keeping the account open as well. He can withdraw up to the total amount deposited at the end of the maturity period. In case he does not close the account, the account will automatically continue, and he will continue receiving the interest payments.

Related

Filed Under: Finance Tagged With: PPF Account, PPF Rules, Public Provident Fund Scheme

Primary Sidebar

More to See

Payroll Management

Payroll Management Service for Your Business

May 21, 2020 By Aziz Yacine

All businesses with employees run a type of payroll to get their staff paid. Rather than handling it all alone or outsourcing the task, a significant number of the present companies choose an online payroll service to make this procedure easier and increasingly convenient. Payroll software for businesses is a cost-effective solution if your organization […]

Learn and Improve Memory

9 Surefire Ways To Improve Your Learning And Memory

May 21, 2020 By Aziz Yacine

Have you ever walked into a room and forgot what you went in for? Does Miss place your car keys?  All of us have been in this situation and perhaps wished that we had a sharper memory. Luckily, there are various ways that you can adopt to improve your learning skills and memory. Let’s take […]

AI and IoT

A Practical Approach to Emerging Tech for SMBs: AI and IoT

May 19, 2020 By Aziz Yacine

In contemporary times, owners of small businesses are the forerunners among the SMBs when it comes down to adopting and benefitting from the latest technology. Whether its automation of customer support or CRM, search engine optimization, (SEO), or a dedicated emailing platform, SMBs have in their disposition the best of techniques that can be optimally […]

VoIP for Business

10 Amazing Benefits of Using VoIP for Business

May 18, 2020 By Aziz Yacine

Integrating the latest communication advancements in business has become very important to ensure its success. These advancements ease managing various operations and prove to be more cost-effective than the traditional methods in the long run. One such advancement is VoIP. The technology of Voice Over Internet Protocol, abbreviated as VoIP, makes use of the Internet […]

Places to visit in Mumbai

Places to visit in Mumbai after Lockdown

May 15, 2020 By Aziz Yacine

With a series of lockdowns due to the coronavirus Pandemic, everyone is forced to go back to their homes. Even Mumbai – the city that never sleeps has become silent due to the COVID 19 Pandemic. While we stay at our homes for safety, all the explorers and travelers have the question – Will we […]

PHP Developers

Excellent Reasons Why You Should Choose PHP for Web APP Development

May 13, 2020 By Aziz Yacine

Every product owner aims to create an application that is not just dynamic, but satisfies every need of a product owner as well as the audience. The right application manages to work smoothly, perform highly, and engage its users. However, an app like that is the end goal goal of every entrepreneur, but the right application […]

Footer

Quick Links

Home
Contact us
Disclaimer
Terms & Condition
Privacy Policy
GDPR
Sitemap

Recent

  • Car Problems And Resolving The Car Problems From The Best Technicians
  • THINGS TO REMEMBER BEFORE BUYING GEMSTONES ONLINE
  • Thinking about BUY YOUTUBE SUBSCRIBERS?
  • Top 10 fastest cars of world
  • Biggest Companies of India List 2020 Should Read

Copyright © 2021 · Sync Tech