PPF Account: The maturity period of PPF account is 15 years. If you want to continue your PPF account after a period of 15 years, then you can extend it for 5 years.
PPF Account
Employees’ Provident Fund (EPF) benefit is mainly available to private sector employees and GPF (General Provident Fund) benefit is available to government employees under old pension scheme, while Public Provident Fund (PPF) benefit is available to private sector employees. And the general public including employees of government sectors can also take it. PPF is the most popular tax saving investment due to sovereign guarantee, attractive interest rate and tax benefits on investment, interest as well as maturity amount. Tax exemption at every stage of investment gives PPF privileged EEE (Exempt, Exempt, Exempt) status.
Public Provident Fund enjoys a legal exemption and the amount available in the PPF account of an individual cannot be attached to pay off the debt through a court order. The court also cannot order a person to attach the PPF account to pay off the loan. Today we have told you how much money you can deposit in PPF account in a day.
How much can open PPF account
An individual can open only one PPF account for himself, whereas he can open one PPF account in the name of his dependent children. The maximum investment in these accounts cannot be more than Rs 1.50 lakh in a year. PPF account can be opened in any bank or post office so that a large amount can be created for the future without any risk.
Contributions made in PPF accounts are for the long term and have a maturity period of 15 years. If you want to continue your PPF account after a period of 15 years, then you can extend it for 5 years.
Minimum investment of Rs 500 is mandatory
In this, a maximum of Rs 1.5 lakh can be deposited in a financial year. At the same time, it is mandatory to deposit at least Rs 500 in a year to keep the PPF account active. An account holder can deposit money in his PPF account maximum 12 times in a year.
How much money can be deposited in a day
Money is also deposited in PPF account online. In case of cash deposits, the post office accepts cash up to Rs 50,000 per day. At present, cash deposits of more than Rs 1,50,000 are not being accepted by the PPF system in the postal PPF account.
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