Post Office 15-Year Public Provident Fund Account: Investment Return And Other Key Details
- Interest rate: The government reviews the interest rate applicable to 15-year Public Provident Fund (PPF) on a quarterly basis. For the quarter ending March 31, 2019, interest on PPF is paid at the rate of 8 per cent (compounded yearly) and the interest earned is tax-free, according to the post office website. (Also read:Â These post office savings schemes offer 8-8.7% interest)
- Maturity period: The Public Provident Fund account comes with a maturity period of 15 years.
- Extension: After completion of 15 years, the PPF account can be extended within one year of maturity for five years and so on, according to India Post.
- Minimum contribution: A PPF account can be opened at the post office against payment of Rs 100, according to India Post. However, the subscriber is required to deposit a minimum of Rs 500 in a financial year in the Public Provident Fund account, according to the post office website.
- Maximum investment: Investment of up to Rs 1.5 lakh in a year is allowed in a PPF account. The deposits can be made either in lump sum or in 12 instalments.
- Premature withdrawal: One withdrawal is permissible every year from the seventh financial year, according to India Post.
- Premature closure: A premature closure is not allowed before completion of the maturity period. That means a PPF subscriber cannot close the account before completing the 15-year period.
- Income tax benefit: Investment in a PPF account qualifies for deduction from income (to arrive at taxable income) under Section 80C of the Income Tax Act.
- Nomination: The 15-year Public Provident Fund account comes with a nomination facility, which is available at the time of opening of account and also subsequently.
- Transferability: A 15-year PPF account can be transferred from one post office to another.
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