Consultation For Your Financial Freedom
Anyone looking for a safe investment option to save taxes and earn guaranteed returns should open a PPF.
A long-term investment option that provides an alluring rate of interest and returns on the amount invested is the Public Provident Fund (PPF) programme. The returns and interest received are not subject to income tax. Under this programme, a PPF account must be opened, and any deposits made throughout the year qualify for section 80C deductions.
The interest on PPF is calculated on the lowest balance between the close of the fifth day and the last day of every month. A PPF account can be made by an adult for himself as well as on behalf of a minor.
The account tenure is 15 years and the lock-in period for the account is 15 years. You can make a deposit to a PPF account ranging from Rs.500 up to Rs.1.5 lakh per financial year.
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