How to become rich: This tax season open a PPF account, this is what ICICI Bank offers you

PPF scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax .

How to become rich: This tax season open a PPF account, this is what ICICI Bank offers you
Investors can invest minimum Rs. 500 to maximum Rs. 1,50,000 in one financial year. Photo: Pixabay
By ZeeBiz WebTeam
Updated: Thu, Feb 14, 2019
10:21 am
Mumbai, ZeeBiz WebDesk
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How to become rich: There are always ways to make money to fulfill dreams like buying a house or your favorite vehicle. These desires can be fulfilled by investing in equities. There is no doubt, that stock markets are money making machines. However, stock markets may have their glory, but they also have their own dangers as they come without any guarantee of generating profits for you. If you are not among the risk takers and want a safe and secure future investment, there are plenty of other options. The Indian economy is vast, and there are a bundle investment tools that can help you generate better earnings. One of which is planning for retirement. If you are planning to go for a retirement scheme, then Public Provident Fund (PPF) is the answer to all your prayers.

Private lender ICICI Bank through its twitter account encourages customers to open an PPF account in order to save big on taxes. 

The bank says, "#ThisTaxSeason, invest your hard earned money by opening a PPF account with #ICICIBank and strengthen yourself financially."

PPF scheme is a popular long term investment option backed by Government of India which offers safety with attractive interest rate and returns that are fully exempted from Tax. Investors can invest minimum Rs. 500 to maximum Rs. 1,50,000 in one financial year and can get the facilities such as loan, withdrawal and extension of account.

Here's what ICICI Bank offers you:

PPF account can be opened by resident Indian Individuals and individuals on behalf of minors.

If you hold a joint account or wish to open a PPF account for a minor, you need to fill the requisite form and submit it along with the KYC documents to the nearest ICICI Bank branch.

Features:

  • Attractive interest rate of 8.0% that is fully exempted from Income Tax under section 80 C
  • Good long term investments of 15 years
  • Deposit Amount as low as Rs.500  and maximum Rs.1,50,000 in one financial year
  • Deposits can be done maximum in 12 transactions
  • Loan can be availed between 3rd to 6th financial year
  • Partial withdrawal facility can be availed from 7th financial year onwards
  • Account can be extended in a block period of 5 years after maturity
  • Deposits to Public Provident Fund (PPF) Accounts can be made in the form of cash, cheque , online funds transfer from ICICI Bank Savings Account and Fund transfer from other bank accounts through NEFT.

Benefits:

  • Transfer funds online option from linked Savings Bank Account
  • Standing  Instruction facility to ensure regular investment
  • Viewing your PPF Account statement online

Almost all taxpayers are aware that under Section 80C, one can save tax on only up to Rs 1.5 lakh. The similar exemption is offered for having a PPF account. Such amount can be claimed in a taxpayers Income Tax Return (ITR) filing.

Hence, why wait for tomorrow, make an effort and invest today in PPF account for your retirement. Retire a crorepati!