PPF Scheme in Post Office
1) Public Provident Fund account opened in Post Office by depositing of Rs 100. Minimum Rs 500 should be deposited in financial year to keep account active status.
2) Maximum Rs 150000/-amount can be deposited in the financial year.
3) Deposit can be in installments or lumsum.
5) PPF account opened individual.
Joint account can not be opened.
6) PPF account can be opened by resident Indian.
7) Guardian can open PPF account behalf of minor or person of unsound mind.
8) Retired Defense Employees 50 years above age and below 60 years of age can deposit in PPF account subject to condition that investment to be made within 1 month of receipt of retirement benefits.
9) Only one Public Providend Fund can be opened all across the India in Post Office or Bank.
10) Amount can be deposited in PPF account any no installments in a financial year multiple of Rs 50.
11) Public Providend Fund having compulsory lock in period of 15 years during which account holder can not close the account.
12) PPF Scheme can be extended for another 5 years with or without making further contributions.
13) PPF Deposits qualify for tax exemption deduction under section 80C of Income Tax Act.
14) In a financial year, minimum deposit of Rs.500/- is not deposited in PPF account it will be discontinued.
15) For discontinued PPF accounts Loan and withdrawal facility not available.
16) PPF Discontinued account can be revived by invester before maturity of the PPF account by deposit minimum amount of Rs. 500 + Rs. 50 charges default fee for each defaulted year.
17) PPF account Interest rate is notified on quartly basis by Ministry of Finance.
18) PPF account interest is calculated on the basis of lowest balance in the account between the close of the 5th day and the end of the month.
19) PPF account interest will credited to account at the end of financial year.
20) PPF account Interest credited to account is tax free under Income Tax Act.