HUGE NEWS: PPF New Order! PPF account holders need to do this task right now to avoid losing money
PPF Account Guidelines: If you want to invest for your family or children, PPF is a superior choice. This government-run investment program now yields an annual interest rate of 7.1 percent. The Finance Ministry reviews its interest every three months. You may invest here and save up to Rs 1.5 lakh in yearly income tax under section 80C.
You will need to make an annual deposit of Rs 500 for as long as the account is closed after it is opened. Additionally, a deposit of at least Rs 500 is required for the current fiscal year. In addition, you will be required to pay fifty rupees for each year that your payment is past due.
An annual deposit of funds would be beneficial. You may deposit the money and restart the process if, for any reason, it isn't deposited. You must submit a formal application in order to reactivate a closed PPF account.
You get interest after the PPF account becomes dormant if the required amount is not deposited, however there are a lot of drawbacks. The inability to borrow against a PPF account is the first drawback. To restart it, you must pay a fine.
Your PPF account goes inactive if you are unable to make even a single yearly contribution of Rs 500. In addition, the utmost amount you may put therein in a fiscal year is Rs 1.5 lakh.
When investing in PPF, the yearly interest and maturity amount are both tax-free. However, there are some guidelines that you must adhere to if you want to invest in it as well. The regulations stipulate that you must make an annual investment of at least Rs 500.
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