PPF FULL FORM IS PUBLIC PROVIDENT FUND
PPF is investment and tax saving scheme in india. This scheme is start iin 1968.This scheme is started by Ministry of finance by National Savings Institute. This scheme is introduced for tax saving for indian public.This scheme is introduced by central goverment. The PPF account is not subject to attachment under any order or decree of court under the Government Savings Banks Act, 1873.The Income Tax & other Government authorities can attach the account for recovering tax dues.
ELIGIBILITY
Any individuals indian residents is eligible for PPF investment scheme.
NRI RESIDENTS
According to Ministry of finance the NRI residents is not allowed to open PPF account. They are allowed to continue their existing PPF accounts up to its 15 years maturity period.
INVESTMENT AND RETURNS
Minimum deposit of 500 rupees in PPF account for maintain PPF account. PPF account maximum deposit limit is 1.5 lakh rupees per year.PPF investment is tax saving investment under section 80C. Current PPF interest rate is 7.1%
DURATION OF SCHEME
Original duration of this scheme is 15 years,Thereafter it can either be closed and the entire amount can be withdrawn or on application by the subscriber, it can be extended for 1 or more blocks of 5 years each, with or without making further contributions.