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About How to Open PPF Account Online
PPF accounts can be opened at post offices, nationalized banks and major private banks such as ICICI, Axis Bank, HDFC bank, to name a few. Many banks allow you to open a PPF account online through net banking. Once the account is opened, a passbook similar to the bank passbook recording all transactions such as subscriptions, interest, withdrawals, etc. will be issued. However, some other banks simply allow PPF entries to be viewed online instead of issuing a passbook.
Steps to open a PPF account are as below:
Some of the important conditions that must be met to open a PPF account online are mentioned below:
Mentioned below are the eligibility criteria for opening a PPF account:
Public Provident Fund (PPF) is a preferred investment option for investors looking at long-term savings. It is backed by the Government of India and comes with an attractive interest rate and guaranteed returns. These returns are completely exempt from tax under Section 80C of the Income Tax Act. Investors can save tax anywhere between Rs. 500 to Rs. 1,50,000 in a given financial year, and can get facilities such as loan, withdrawal, and extension of account. PPF is a good investment avenue for self-employed people, or for those who are from unorganized sectors since EPF/GPF may not be available to them.
The interest on the PPF account is set for every quarter and is paid by the government. The applicable interest rate on PPF for the first quarter of the year, 2021-22 i.e. from 1st April 2021 to 30th June 2021 has been fixed at 7.1%. The interest rate for previous year 20-21 was also the same, i.e. 7.1%.
1. Is PPF a good investment?
PPF is a common voluntary tax saving investment option that most salaried individuals opt for. It is a good option for those who wish to take up long-term investments as the lock-in period for PPF is 15 years. However, it is not the only plan that helps you save on taxes, multiple other plans and schemes, such as the ELSS, also tend to offer high returns on investments.
2. How can I get the maximum benefit from PPF investment?
In order to obtain maximum PPF benefits, one should always make investments before the 5th of every month. Higher returns can be earned when a lump-sum investment is made at the start of financial year i.e, before 5th April every year.
3. Can I withdraw PPF after 5 years?
The Government has lately amended the PPF scheme and propagated some positive changes regarding the withdrawal of balance from the account. You can now withdraw the whole amount and close your PPF after 5-years.
4. Can I withdraw my PPF before maturity?
The amount in PPF account can be withdrawn only at the time of maturity. However, earlier the PPF amount was locked for 15 years. But, now the balance of PPF account can be withdrawn on completion of 5-years.
5. What is the PPF lock-in period?
Investments made to a PPF account have a lock-in period of 15 years. However, individuals can make a partial withdrawal from the PPF account after 5 years from the date of opening the account.
Public Provident Fund (PPF) investment scheme is designed to mobilize small saving in the form of investment, coupled with a return on it. It can also be called a savings-cum-tax savings investment vehicle that enables one to build a retirement corpus while saving on annual taxes.
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