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Triple tax benefit is available in this government scheme, know how to open an account

PPF is a great investment option in India. Through this a person can save a lot of tax. However, there are many other reasons due to which it is quite popular in India.

Public Provident Fund (PPF) is a great investment option in India. Through this a person can save a lot of tax. However, there are many other reasons due to which it is quite popular in India. If you too are thinking of investing in any tax-saving instrument, then this news is for you. Let us take a look at this.

Triple tax exemption: You get triple tax exemption in PPF, which ensures that investments, earnings and maturity income are completely free from taxes.

Guaranteed Returns: Backed by the Government of India, PPF offers stable and attractive interest rates, which currently stands at 7.1% per annum (till January 2024). This can prove to be very beneficial in the long term.

Long-term investment: The mandatory 15-year lock-in period promotes disciplined savings and helps individuals achieve sustainable financial goals such as retirement.

Flexibility: After the 7th year, PPF allows partial withdrawals. Loan can be obtained against the remaining amount after the third year.

Open PPF account like this

To open a PPF account online, it is necessary to have a savings account in a participating bank or post office. Apart from this, you should also be connected to internet banking or mobile banking services.

  • Access your account through Internet Banking or Mobile Banking platform.
  • Click on “Open PPF Account” facility.
  • If you are opening an account for yourself, select the “Self-Account” option. Alternatively, select the ‘Minor Account’ option if you are opening an account on behalf of a minor.
  • Enter the required details in the application form and double check the accuracy of the information entered.
  • Specify the total amount to be deposited in the account for each financial year.
  • submit application. An OTP will come on your registered mobile.
  • Enter the OTP you receive to verify your identity.
Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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