A better investment choice to support a family or children’s needs is PPF. This government-run investment program now yields an annual interest rate of 7.1 percent. The Finance Ministry reviews its interest every three months. You can invest here and save up to Rs 1.5 lakh in annual income tax under section 80C.
You will need to make an annual deposit
of Rs 500 for as long as the account is closed after it is opened. Additionally, a deposit of at least Rs 500 is required for the current fiscal year. In addition, you will be required to pay fifty rupees for each year that your payment is past due.
An annual deposit of funds would be beneficial.
You can deposit the money and restart the process if, for any reason, it isn’t deposited. You must submit a written application in order to reopen a closed PPF account.
You receive interest after the PPF account
becomes dormant if the minimum amount is not deposited, however, there are a lot of drawbacks. The inability to borrow against a PPF account is the first drawback. To restart it, you must pay a fine.
Your PPF account goes inactive
if you are unable to make even a single annual contribution of Rs 500. In addition, the utmost amount you can put therein in a fiscal year is Rs 1.5 lakh.
When investing in PPF
the annual interest and maturity amount are both tax-free. However, there are certain guidelines that you must adhere to if you plan to invest in it as well. The regulations stipulate that you must make an annual investment of at least Rs 500.
Read More: Tata unveiled a bicycle that costs Rs 13,000! discount of Rs 4,335 available
|
|
  YouTube |
         Click Here |
| Â Facebook Page |
         Click Here |
| Â Instagram |
         Click Here |
| Â Telegram Channel |
         Click Here |
