Investment Tips: Public Provident Fund (PPF) is a savings scheme offered by the central government. It was founded with the intention of giving self-employed individuals and workers in unorganized sectors economic stability in their old age. PPF is one of the best savings instruments in India with low risk and better interest rates. People working in the informal sector or unorganized sector, as well as unemployed, self-employed people, can invest in PPF.
Can invest so much
Similar to this, investment in PPF entitles taxpayers to an annual tax deduction of up to Rs 1,50,000. In this, a minimum investment of Rs 500 has to be made in a year. At the same time, no more than Rs 1,50,000 can be invested in it. The returns offered by PPF accounts are fixed and backed by a sovereign guarantee. The interest rate at the moment is 7.1 percent.
Recover like this
However, one of the most common problems that PPF account holders often face is the termination of accounts. There are many situations where customers have come to know that their PPF account has been terminated. It can, however, be quickly reactivated via an application form.
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Under these circumstances, the account may expire.
The PPF account is closed if the account holder does not make the required minimum contribution for the financial year, which runs from 1 April to 31 March. Along with this the account holder also loses the option of withdrawal facility. Also, in such a situation, the account holder cannot take a loan against his PPF money.
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