PPF Account(Public Provident Fund)

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PPF Account(Public Provident Fund)
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PPF Account( Public Provident Fund)

• How to open a PPF Account
• PPF Interest Rate
• Taxability Exemption
• Transfer of PPF Account
• PPF Maturity
• Premature Termination

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PPF Account(Importance of Opening PPF)

• The Principal and Interest in the PPF account
  guaranteed by the Government.
• Contributions to the account up to Rs 1.5 lakh
  per annum are tax free.
• Interest on account is also tax free.
• Interest Rate declared by the Government every
  quarter
• Higher than FD rates

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PPF Account(Documents Needed)

• PPF account opening form (Form A)
• ID proof
• Address proof
• Photograph of the account holder
• Nomination form

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PPF Account(Eligibility Criteria for PPF)

• Resident of India can open a PPF account.
• Parents can also opened PPF accounts for their
  minor children.
• NRIs cannot open PPF accounts.
• However a resident Indian who has become an NRI
  after opening a PPF account can continue the
  account till maturity.
• Cant open of multiple and joint accounts.

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PPF Account(Min. and Max. Contribution)

• Minimum annual contribution is Rs 500
• Maximum is Rs 1.5 lakh.
• Maximum limit applies to contributions made for
  family , parents or individual.
• Maximum of 12 contributions in a year.

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PPF Account(PPF Tenure)

• PPF account matures after the expiry of 15 years
  from the end of the financial year in which
  account was opened

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PPF Account(Nomination Rules for PPF)

• Nomination can be made in favour of one or more
  persons
• Anyone, i.e. parents, spouse, relatives,
  children, friends, etc. can be nominated.
• Form E is used to add a nominee to the PPF
  account.
• Change, cancellation or alteration in nomination
  can be done through Form F.
• Nomination forms need to be signed by the account
  holder and two witnesses.

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PPF Account(Transfer of PPF Account)

• The PPF account can be transferred from bank to
  post office or vice versa. It can also be
  transferred between different branches of the
  same bank.

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PPF Account(Partial Withdrawal)

• Partial withdrawals can be made after the expiry
  of 5 years after the year in which the account is
  opened.
• 50 of the account balance as at the end of the
  financial year, preceding the current year, or
• 50 of the account balance as at the end of the
  4th financial year, preceding the current year.

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PPF Account(Death of Account Holder)

• In case of death of PPF account holder, the
  proceeds of PPF account can be claimed by the
  nominees/ legal heirs.

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