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Public Provident Fund Account
INTRODUCTION:
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Minimum deposit ₹ 500/- & Maximum deposit ₹ 1,50,000/- in a Financial year.
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Loan facility is available from 3rd financial year upto 6th financial year.
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Withdrawal is permissible every year from 7th financial year.
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Account matures on completion of fifteen complete financial years from the end of the year in which the account was opened.
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After maturity, account can be extended for any number for a block of 5 years with further deposits.
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Account can be retained indefinitely without further deposit after maturity with the prevailing rate of interest.
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The amount in the PPF account is not subject to attachment under any order or decree of a court of law.
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Deposit qualifies for deduction under Sec.80-C of I.T.Act.
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Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.
Click for Scheme Rule(
1968 and
2019 )
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