Update on PPF: In India, a long-term investment option is the Public Provident Fund (PPF). It offers a number of advantages, including favorable interest rates and returns on investments. PPF investments have a lot of advantages, and they can last for a very long period.
However, there are a few requirements for PPF investment eligibility that must be met. Additionally, it is important to be thoroughly informed about who can invest in PPF and who cannot.
Tax reduction
Actually, there are requirements that must be met in order to start a PPF account. You may qualify for tax benefits upon account opening under section 80C of the Income Tax Act. The interest and returns obtained under PPF, however, are not subject to income tax.
Can anyone open a PPF account?
One can only open a PPF account if they are an Indian citizen living in India. Anyone who is older than 18 years old is entitled to open a PPF account. The age requirement to open a PPF account is undefined. You are only permitted to open one PPF account in your name at a time. You cannot open another account even if you meet all requirements for a PPF account.
Someone is not able to register a PPF account
PPF accounts cannot be opened by NRIs or Hindu Undivided Families (HUF). A former resident of India who is now an NRI may continue to make contributions to his existing PPF account till its expiration date. Even while NRIs can maintain their current accounts until they reach their 15-year maturity period, they are not permitted to extend them past that point for a further five years.
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