Friday, March 29, 2024

Important things to know when you are going to open a Public Provident Fund account

Public Provident Fund is one of the small saving schemes that assure a genuine risk-free return. Importantly, The risk-free return is income tax released. In fact, a Public Provident Fund account holder can claim income tax exemption under Section 80C on one’s investment up to ₹1.5 lakh in a particular financial year. However, it is exciting to know that the least amount required to open a PPF account is just ₹100. But, to keep one’s PPF account active, one needs to deposit at least ₹500 in one financial year. The PPF account holder is also elated to know that he or she can make a maximum of 12 deposits in one financial year.

Embellishing upon the minimum amount required for opening a PPF account and the minimum deposit required to keep one’s PPF account active SEBI registered tax and investment expert Jitendra Solanki said, “For opening a PPF account one needs just ₹100 — the least amount needed for opening a PPF account. 

ALSO CHECK: Get a tremendous discount with Myntra Coupons and Nurserylive Coupons

However, the least amount needed for opening a PPF account won’t be sufficient to keep one’s PPF account active. To keep one’s amount active, one requires to deposit a minimum ₹500 in one’s PPF account in one financial year. So, after opening the PPF account, one needs to make sure that its least PPF balance on 31st March of that financial year is ₹500.”

On how many deposits in one financial year Amit Gupta, MD at SAG Infotech said, “Person needs to note that one can do a maximum of 12 deposits in one’s PPF account. So, when one begins a PPF account, he or she needs to make sure that it would do a minimum of this much amount in one’s PPF account during the year so that he or she can maximize one’s PPF deposit limit.” The Managing Director of the SEBI registered firm said that the best way is to make consistent monthly deposits in one’s PPF account.

spot_img
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Latest

Big Discount of 16% on Apple iPhone 15! this much money will be saved

At a reasonable price right now, the Apple iPhone 15 128GB model is offered. Flipkart, an online retailer, is now hosting a Big Upgrade...

Before Holi, these zodiac signs people will benefit due to ‘Mahayuti’ of these two planets

The Hindu calendar predicts that this month will see the formation of a Rajyoga, which will greatly benefit all five zodiac signs. Actually, by...

Indian Railways accepting recruitment for 9144 positions! apply like this

For individuals seeking employment with the government, there is good news. To hire technicians, the Railway Recruitment Board (RRB) has opened recruitment. Students who...

After Mumbai, CNG & PNG rates were reduced in Delhi NCR! See the updated rate

People have experienced some relief from inflation before the release of the Lok Sabha election dates. Mumbai has seen a 2.5 rupee drop in...

Mahashivratri 2024 is good for the people of these zodiac signs

Mahashivratri is a festival that is observed annually on the Chaturdashi date of the Phalgun month, according to Vedic astrology. This year's Mahashivratri coincides...

Most Popular

Subscribe

* indicates required