The Central Government offers numerous government programmes to the general population, but if you have also registered a PPF account, there is excellent news for you.
The Central Government offers
numerous government programmes to the general population, but if you have also registered a PPF account, there is excellent news for you. You will now receive a sizable reward from the Public Provident Fund once you reach maturity. On this, the government has provided information. So, you must be aware of this before opening your account.
Being Given Mot Interest
PPF is a type of tax-saving strategy with higher returns. You will benefit from lakhs of dollars through this programme when it matures. Via the National Savings Institute of the Ministry of Finance, the PPF programme was introduced in 1968. This programme is now receiving interest at a rate of 7.10 per cent.
Bond yields and interest rates are connected.
Let us inform you that the yield on 10-year government bonds influences the interest rates on PPFs. The average bond yield over the previous three months is used to determine the PPF interest rate at the beginning of each quarter.
If the money is not withdrawn, what will happen?
Let us inform you that your PPF account will automatically be renewed if you do not withdraw your funds when it matures after 15 years. Your PPF corpus will continue to earn interest for a length of time that the government will set.
After 15 years, these benefits will become payable at maturity.
The first choice you have is to shut the account and withdraw the whole balance when your PPF account reaches maturity. The alternative is to keep your account open and, after it reaches maturity, prolong the term in blocks of five years without making a new deposit.
With a matured PPF account
your third choice is to prolong the duration with new contributions. Again, a block of five years can be added to the term.
Once a month, you can deposit up to Rs. 500 in PPF
and if you deposit up to Rs. 1.5 lakh in PPF in the same year, you will receive the benefit of tax exemption. Thus you can contribute money to this account each month.
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