Today is the time to start investing in advance to secure the future. This is a really good habit. Well, there are two types of investments as well.
For example, some investments have high market risk but have good returns. Whereas investments are such in which market risk is negligible. Now if you are also looking for an investment option that is safe and gives good returns. So today we will tell you about PPF i.e. Public Provident Fund Scheme.
Who can open PPF account?
- You can open PPF account in post office. The person who wants to open a PPF account must be an Indian citizen.
- The account can be opened by a guardian on behalf of a minor or a mentally ill/weak person.
- Note that only one account can be opened in a post office or any bank across the country.
How much interest is paid on PPF account?
An annual interest of about 7.1 percent is paid on the PPF account. It has compound annual interest. Interest is calculated on the lowest amount in the account between the end of the fifth day of the month and the end of the month according to the calendar month. Interest is credited to the account at the end of each financial year.
What are the rules for depositing money?
You can deposit a minimum of Rs 500 and a maximum of Rs 150000 in a financial year. That is, the maximum limit for depositing money is Rs 1.50 lakh. Within this limit, the amount can be deposited in installments in multiples of Rs 50 any number of times in a financial year.
