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Saturday, September 24, 2016


15 year Public Provident Fund Account – PPF - 8.10%, Minimum Rs. 500, Maximum Rs. 1,50,000 - Tax Rebate

15 year Public Provident Fund Account PPF​

Interest payable,

Rates, Periodicity etc.

From 1.4.2016, interest rates are as follows:-
o    8.10% per annum (compounded yearly).
Minimum Amount for opening of account

 and maximum balance that can be retained
Minimum Rs. 500, Maximum Rs. 1,50,000 in a financial year.
Deposits can be made in lump-sum or in 12 installments.

Salient features
 including Tax Rebate
o    An individual can open account with Rs. 100 but has
 to deposit minimum of Rs. 500 in a financial year and 
maximum Rs. 1,50,000

o    Joint account can not be opened.
o    Account can be opened by cash/cheque and
 In case of cheque, the date of realization of cheque in Govt. 
account shall be date of opening of account.
o    Nomination facility is available at the time 
of opening and also after opening of account. 
Account can be transferred from one post office to another.
o    The subscriber can open another account in the
 name of minors but subject to maximum investment 
limit by adding balance in all accounts.

o    Maturity period is 15 years but the same 
can be extended within one year of maturity for
 further 5 years and so on.
o    Maturity value can be retained without extension 
and without further deposits also.
o    Premature closure is not allowed before 15 years.
o    Deposits qualify for deduction from income 
 under Sec. 80C of IT Act.
o    Interest is completely tax-free.
o    Withdrawal is permissible every year from 
 7th financial year from the year of opening account.
o    Loan facility available from 3rd financial year.
No attachment under court decree order.
The PPF account can be opened in a 
Post Office which is Double handed and above.


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