Friday, February 23, 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. 

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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.

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