PPF
2014-PUBLIC PROVIDENT FUND SCHEME in India.
Leal
Mitra, Friend of Modern Life brings you all the information you need
regarding PPF. Now you will learn How to Open Public Provident Fund
on line in 2014 online.
PPF
Scheme was introduced by the National Savings Organization in 1968 to
mobilize small savings. The Scheme offers an investment avenue with
decent returns coupled with income tax benefits. Salient features of
the Scheme are as follows:
->
What is the eligibility to open a PPF account ?
Individuals
in their own name as well as on behalf of a minor can open the
account at any Branch. As per extant instructions, opening of PPF
accounts in the name of Hindu Undivided Family is not permitted.
->
Is tax earned on PPF is Tax Exempted?
Income
Tax benefits are available under Sec 88 of IT Act. Interest income is
totally exempt from Income Tax. Amount outstanding to the credit is
fully exempted from Wealth Tax also.
->
What is INVESTMENT LIMITS in PPF 2014 ?- With
effect from 01.12.2011, a minimum of Rs.500.00 (thereafter in
multiples of Rs.5.00) subject to a maximum of Rs.1 lac per annum
may be deposited. The subscriber should not deposit more than Rs.1
lac per annum as the excess amount will neither earn any interest nor
will be eligible for rebate under Income Tax Act. The amount can be
deposited in lump sum or in a maximum of 12 installments per year.
In
case the subscriber is not in a position to invest during a
particular year(s), the account may be revived on payment of penalty
@ Rs.50.00 per year along with arrears of subscription.
->
What is the minimum duration of PPF deposit ?- Original
duration is 15 years. Thereafter, on application by the subscriber,
it can be extended for 1 or more blocks of 5 years each.
->What
is the rate OF INTEREST in PPF deposit 2014 ?-
8.70% per annum with effect from 01.04.2013. Interest will be paid on
31st March
every year. Interest is calculated on the minimum balance between
5th day
and end of the month.
->Is
loan and premature withdrawal facility available in PPF? - Loans
and withdrawals are permitted depending upon the age of the account
and balances as on the specified dates.
->
Is Nomination facility available with PPF ?- Nomination
facility is available in the name of one or more persons. The shares
of nominees may also be defined by the subscriber.
->Can
I transfer PPF ACCOUNT to another Branch ?- The
account can be transferred to other branches/ other banks or Post
Offices and vice versa upon request by the subscriber. The service is
free of charges.
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