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Business News » PPF News

PPF account: Lesser known and interesting facts about your Public Provident Fund that you must not miss

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PPF account: Lesser known and interesting facts about your Public Provident Fund that you must not miss
The interest rate on PPF accounts is calculated on the minimum balance in the account between the fifth day of the month and the last day of the month. Source: Pixabay

Public Provident Fund is a saving instrument of the government of India that comes with a lock-in period of 15 years. Minimum amount required for investment is Rs 500 . The interest rate is fixed and paid by the government every quarter.

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PPF interest rate for the third quarter of the year 2020-21 i.e. from 1st October to 31st December was fixed at 7.1%. Currently, the limit to claim tax exemption under PPF is Rs 1.5 lakh and it is expected that Finance Minister Nirmala Sitharaman may increase this limit to Rs 3 lakh to provide much-needed breather to pandemic-hit middle class in the Budget today.  

In fact as per a report by Business Today, the Institute of Chartered Accountants of India (ICAI) has recommended the government to double the Public Provident Fund (PPF) contribution limit to Rs 3 lakh from Rs 1.5 lakh. There are some lesser known and Interesting fact about this account too that every PPF account holder should know. Take a look:

*A Public Provident Fund account can be opened by a single resident Indian (adult) and a guardian on behalf of a minor.  
*It can also be opened by retired defense employees above 50 years of age and below 60 years of age, subject to the condition that investment to be made within 1 month of receipt of retirement benefits are eligible to open.  
*PPF does not allow a joint account  
*In PPF, the maturity date is calculated from the end of the financial year in which the sum of money was deposited.  
*Investors are advised to always deposit their installments before or on the fifth of every month. This allows them in getting interest benefit for that month.  
*The interest rate on PPF accounts is calculated on the minimum balance in the account between the fifth day of the month and the last day of the month.  

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TAGS:
PPFBudget 2021 ExpectationsBudget 2021Budget
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Mon, Feb 01, 2021
10:44 am
Patna, ZeeBiz WebDesk
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