Punjab National Bank: If you are also planning to invest in a scheme, then there is good news for you. The country’s public bank PNB offers PPF account facility to its customers. There are many benefits of investing in a public provident fund (PPF) account.
New Delhi: Punjab National Bank: If you are also planning to invest in a scheme, then there is good news for you. The country’s public bank PNB offers PPF account facility to its customers. There are many benefits of investing in a public provident fund (PPF) account. You can open this account with only 500 rupees. With this, the maximum you can invest in it is 1.5 lakh rupees. PNB has given information about this by tweeting. The bank has written in the tweet, Save More, Arn More!
Get these facilities
PPF is a central government scheme. This is the reason that it also provides low risk guarantee with better returns. PPF account holder can invest a maximum of Rs 1.5 lakh in a financial year. In addition, they also get the benefit of tax exemption under section 80C of Income Tax Act.
Who can open an account in
PPF You can open a PPF account in your name or as the guardian of a minor.
How much can you invest
? If you talk about investing in this account, then you can deposit a minimum of 500 rupees. Apart from this, you can invest up to 1.5 lakh rupees annually. Apart from this, investments can be made through maximum 12 transactions. If you invest more than 1.5 lakhs, you will not get any kind of interest nor will you get tax benefits on the extra amount.
What is the maturity period
Talking about the maturity period, its duration is 15 years, but you can also increase it. Once applied, you can extend it for 5 years.
How much will be the interest?
Talking about the interest rate, at present the interest rate of 7.1 percent is being given. Let us know that interest is paid every year in the month of March.
