The numerous benefits of the PPF Account comes with some limitations as well. You must learn about these limitations to effectively use this scheme. You should know how much money you can invest in a year.
And if you do not put at least how much money, then penalty will be incurred. Do you know how long you can take a loan in a PPF account? Understand all the rules of PPF account together.
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PPF Account Limits:
- PPF account is a good saving scheme to save tax. But this scheme also has many limitations.
- That is why it would be good to know the limits of this account before investing in it. Today we will tell you about all the limits of PPF account.
- Often people want to know whether there is any limit to open PPF account.
- So let me tell you that there is no such limit in PPF account. You can open this account anytime from birth to death .
- But in this account you have to deposit money for at least 15 years . The scheme matures after completing 15 financial years.
- You can continue the account throughout your life. After 15 years, you can extend it five-five years .
- It is necessary to deposit at least five hundred rupees every year in PPF account . Missing it will attract a penalty of fifty rupees
- But you cannot deposit more than one and a half lakh rupees in this account . Because the amount deposited on it will not get interest.
- You are allowed to deposit money in PPF account only twelve times a year . And you have to deposit at least five hundred rupees at a time.
- You can also take a loan from a PPF account, but for this, your account must be at least three financial years old.
- Similarly , for partial withdrawal from this account, your account must be at least 6 financial years old.
