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Frequently asked questions about PPF

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Frequently asked questions about PPF

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  1. Frequently Asked Questions about PPF Account By SimplyPaisa.com PPF Account Visit http://www.simplypaisa.com/

  2. How to open a Public Provident fund account (PPF)? For applying for PPF Provident Fund ( PPF ) scheme, 1968, a form is required to be filled also enclosing ID proof and address proof along with 3 photographs with post offices or designated banks like SBI, ICICI Bank, Canara Bank and few more. You need to file application form only at the branch where you intend to maintain the account. Visit http://www.simplypaisa.com/

  3. How many PPF can be opened by any individual? Any individual can open only one PPF account however anyone can also open an account on behalf of a minor. Visit http://www.simplypaisa.com/

  4. Who can open an account on behalf of minor child? A Public Provident Fund (PPF) account for a minor child can be opened either of the Parents i.e Mother or Father. Important to note that both of them cannot open PPF account for the same minor child. Grand-parents are not allowed to open a Public Provident Fund (PPF) account on behalf of minor grand-child. Only in case where both parents have died for a minor child, Grand-parents may act as guardians of the Grand-child for opening PPF account. Visit http://www.simplypaisa.com/

  5. Can an NRI open a PPF account? The ‘Non Resident Indians are not eligible to open an account under the PPF Scheme’. However ‘Provided that if a resident who subsequently becomes a Non Resident during the currency of the maturity period prescribed under the PPF scheme may continue to subscribe to the Fund till its maturity, on a Non Repatriation Basis. Visit http://www.simplypaisa.com/

  6. What is the minimum and maximum amount that may be invested in PPF account? Minimum amount is Rs. 500 and maximum amount is Rs. 100,000 in a financial year. This amount may be deposited in lump sum or in max. in 12 installments Visit http://www.simplypaisa.com/

  7. Is it required to deposit any minimum amount every year in a PPF account? Yes, it is mandatory to deposit minimum Rs 500 in a financial year failing which, a penalty  of Rs. 50 will be levied per year of default. What is the interest rate earned in PPF account? The current rate of interest on PPF is 8.7% which is compounded annually. Visit http://www.simplypaisa.com/

  8. What is the period of maturity for PPF account? A PPF account get matured in the period of 15 years starting from the end of year in which the account was opened. However, an investor may extend the tenure of a Public Provident Fund (PPF) investment for a block period of 5 years beyond the maturity period by submitting Form H within one year from the date of maturity. Visit http://www.simplypaisa.com/

  9. Can I terminate or closed the Public Provident Fund (PPF) account before maturity? Premature withdrawal is not allowed from Public Provident Fund (PPF) account. However in the case of death of account holder, The account an be closed by his/her nominee or legal heir by submission of required documents. Visit http://www.simplypaisa.com/

  10. Can I withdraw funds from my Public Provident Fund (PPF) Account? • Yes, funds may be withdrawn from PPF account in following scenarios: • After completion of 5 years from the end of the financial year in which initial account was opened. • Withdrawals upto 50% of balance amount is allowed where balance considered is the amount at the end of 4th year immediately preceding year of withdrawal or amount at the preceding year which ever is lower. • Only one withdrawal is allowed in one financial year. Visit http://www.simplypaisa.com/

  11. Can I avail of Loan facility on my Public Provident Fund (PPF) investment? Investor can avail of the loan facility between third financial year to sixth financial year ie. from third financial year upto end of fifth financial year. Visit http://www.simplypaisa.com/

  12. What is the process for transferring my existing Public Provident Fund (PPF) account maintained from one to  another bank/post office? Investors an anytime transfer their PPF account from existing bank or Post office to another authorize bank of post office. Even after such transfer, it will be considered as continuing account. An investor may approach the bank or the Post office where his current PPF account is held and makes an application for transfer of PPF account to destination Bank's branch. After receiving the application, the existing authorized bank/Post office send all documents and details like certified copy of the account, account opening form, specimen signature, nomination form etc. to destination bank branch (where is required to be shifted) at the address provided by the investor. The documents also accompany a cheque/DD for the outstanding balance in your PPF account as on date. Visit http://www.simplypaisa.com/

  13. Can I access my Public Provident Fund (PPF) account online? Yes, now various banks like SBI, ICICI, IDBI also provide facility of viewing account online. You may also transfer funds to PPF account using net banking facility. Visit http://www.simplypaisa.com/

  14. Thank You For further reading, please visit http://www.simplypaisa.com

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