Post Office PPF Account
Post Office PPF Account
Post Office PPF Account Details are given here. Public Provident Fund (PPF) is a retirement savings scheme offered by the Government of India with the aim of providing a secure post-retirement life to everyone. The minimum deposit you must make in the account per financial year is Rs. 500 and it can go up to Rs. 1.5 lakh. Public Provident Fund (PPF) is a savings scheme well known for its guaranteed returns and tax benefits. To make PPF accessible for everyone including those from remote areas, the government allows users to open a PPF account at India Post Offices. A Post Office PPF Account is the same as one opened with public or private banks in terms of key features, interest rates and other regulations.
पीपीएफ खाते कसे उघडावे ? येथे वाचा….
पब्लिक प्रॉव्हिडंट फंड (PPF)
पब्लिक प्रॉव्हिडंट फंड (PPF) ही एक बचत योजना आहे जी तिच्या हमी परतावा आणि कर लाभांसाठी प्रसिद्ध आहे. दुर्गम भागातील लोकांसह प्रत्येकासाठी PPF सुलभ करण्यासाठी, सरकार वापरकर्त्यांना भारतीय पोस्ट ऑफिसमध्ये PPF खाते उघडण्याची परवानगी देते. पोस्ट ऑफिस PPF खाते हे मुख्य वैशिष्ट्ये, व्याजदर आणि इतर नियमांच्या बाबतीत सार्वजनिक किंवा खाजगी बँकांमध्ये उघडलेले खाते सारखेच असते. पब्लिक प्रॉव्हिडंट फंड (PPF) योजना भारतातील एक अतिशय लोकप्रिय दीर्घ-मुदतीची बचत योजना आहे कारण त्यात कर बचत, परतावा आणि सुरक्षितता यांचा समावेश आहे. PPF योजनेचा मूळ कालावधी 15 वर्षे आहे. त्यानंतर, ग्राहकाने अर्ज केल्यावर, ते प्रत्येकी 5 वर्षांच्या 1 किंवा अधिक ब्लॉकसाठी वाढवले जाऊ शकते. PPF योजना 1968 मध्ये वित्त मंत्रालयाच्या राष्ट्रीय बचत संस्थेने सुरू केली होती. या योजनेचा मुख्य उद्देश व्यक्तींना लहान बचत करण्यात मदत करणे आणि बचतीवर परतावा प्रदान करणे हा आहे.
Post Office PPF Scheme 15 years
The Public Provident Fund (PPF) scheme is a very popular long-term savings scheme in India because of its combination of tax savings, returns, and safety. Original duration for PPF Scheme is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each. The PPF scheme was launched in 1968 by the Finance Ministry’s National Savings Institute. The main objective of the scheme is to help individuals make small savings and provide returns on the savings.
Interest Rate of Public Provident Fund Account
पीपीएफ खात्याचा व्याजदर
Post office PPF calculator
- Interest payable, Rates, Periodicity etc – From 01.04.2020 – 7.1 % per annum (compounded yearly).
- Interest shall be applicable as notified by Ministry of Finance on quarterly basis.
- The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month.
- Interest shall be credited to the account at the end of each Financial year.
- Interest shall be credited to the account at the end of each FY where account stands at the end of FY. (i.e. in case of transfer of account from Bank to PO or vice versa)
- Interest earned is tax free under Income Tax Act.
Who can open PPF Account
- a single adult by a resident Indian.
- a guardian on behalf of minor/ person of unsound mind .
- Note:- Only one account can be opened all across the country either in Post Office or any Bank.
How to open a PPF account in Post Office?
- Individuals can open a PPF account at banks or at post offices.
- Earlier, opening a PPF account was allowed only at Nationalised Banks, however, private banks such as Axis, HDFC, and ICICI Bank also offer the PPF scheme.
- The documents required to open a PPF account is mentioned below:
- The application form must be submitted.
- ID proof such as Aadhaar card, Permanent Account Number (PAN) card, passport, etc., must be submitted.
- Address proof with the current address mentioned on it should be submitted.
- After submission of the above documents, the amount that is required to open a PPF account can be deposited.
Deposit amount in PPF Account
- Minimum deposit Rs. 500 in a Financial Year and Maximum deposit is Rs. 1.50 lakh in a FY
- Maximum limit of Rs. 1.50 lakh shall be inclusive of the deposits made in his/her own account and in the account opened on behalf of minor.
- Deposits can be made in lump-sum or in installments.
- Amount can be deposited in any number of installments in a FY in multiple of Rs. 50 and maximum up to Rs. 1.50 lakh.
- 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/subsequent deposit in account.
- Deposits qualify for deduction under section 80C of Income Tax Act.
How to Discontinuation of PPF Account:-
पीपीएफ खाते कसे बंद करावे:-
- If in any financial year, minimum deposit of Rs.500/- is not made, the said PPF account shall become discontinued.
- Loan/withdrawal facility is not available on discontinued accounts.
- Discontinued account can be revived by the depositor before maturity of the account by deposit minimum subscription (i.e. Rs. 500) + Rs. 50 s default fee for each defaulted year.
- The total deposit in a year, shall be inclusive of deposits made in respect of years of default of previous financial years.
Loan on PPF Account
पीपीएफ खात्यावर कर्ज कसे मिळवायचे?
- Loan can be taken after the expiry of one year from the end of the FY in which the initial subscription was made.(i.e. A/c open during 2010-11, loan can be taken in 2012-13).
- Loan can be taken before expiry of five years from the end of the year in which the initial subscription was made.
- Loan can be taken up to 25% of balance to his credit at the end of the second year immediately preceding the year in which loan is applied. (i.e. if loan taken during 2012-13, 25% of balance credit on 31.03.2011)
- Only one loan can be taken in a Financial Year.
- Second loan shall not be provided till first loan was not repaid.
- If loan repaid within 36 month of the loan taken, loan interest rate @ 1% per annum shall be applicable.
- If loan repaid after 36 month of the loan taken loan interest rate @ 6% per annum shall be applicable from the date of loan disbursement.
How to Withdrawal PPF Amount
पीपीएफची रक्कम कशी काढायची?
- A subscriber can take 1 withdrawal during a financial after five years excluding year of account opening. (if account open during 2010-11 the withdrawal can be taken during or after 2016-17)
- Amount of withdrawal can be taken up to 50% of balance at the credit at the end of 4th preceding year or at the end of preceding year, whichever is lower. (i.e. withdrawal can be taken in 2016-17, up to 50% of balance as on 31.03.2013 or 31.03.2016 whichever is lower).
When the PPF Account Maturity
पीपीएफ खाते मॅच्युरिटी?
- Account will be maturity after 15 F.Y. years excluding FY of account opening.
- On maturity depositor has the following options:-
- (a) Can take maturity payment by submitting account closure form along with passbook at concerned Post Office
- (b) Can retain maturity value in his/her account further without deposit, the PPF interest rate will be applicable and payment can be taken any time or can take 1 withdrawal in each FY.
- (c) Can extend his/her account for further block of 5 years and so on (within one years of maturity) by submitting prescribed extension form at concerned Post Office.
- (Discontinued account cannot be extended).
- (d) In extended account with deposits, 1 withdrawal can be taken in each FY subject to maximum limit 60% of balance credit at the time of maturity in the block of 5 years.
Premature closure of PPF Account
- Premature closure shall be allowed after 5 years from the end of the year in which the account was opened subject to following conditions.
- -> In case of life threatening disease of account holder, spouse or dependent children.
- -> In case of higher education of account holder or dependent children.
- -> In case of change of resident status of account holder ( i.e. became NRI).
- At the time of premature closure 1% interest shall be deducted from the date of account opening/date of extension as the case may be.
- Account can be closed on above conditions by submitting prescribed form along with pass book at concerned Post Office.
- Death of account holder:-
- In case of death of account holder, the account shall be closed and nominee or legal heir(s) shall not be allowed to continue deposits in the account.
- At the time of closure due to death PPF rate of interest shall be paid till the end of the preceding month in which account is closed.
Eligibility Criteria for opening a PPF account in Post Office
पोस्ट ऑफिसमध्ये पीपीएफ खाते उघडण्यासाठी पात्रता निकष
The following are some key eligibility criteria for opening a post office PPF account:
- Any resident Indian including salaried, self-employed, pensioner, etc. can open a PPF account at a post office
- The total number of PPF accounts including post office PPF account that an individual can open is restricted to one and joint operation is not allowed
- Minor PPF account can be opened at a post office by a parent/guardian on behalf of a minor child. This too is restricted to one minor PPF account per child
- Non-residents are not allowed to open a new PPF account. However, in case a resident Indian becomes NRI prior to maturity of the PPF account, he/she can continue operating the account till maturity
Required Documents for Post Office PPF Account
पोस्ट ऑफिस पीपीएफ खात्यासाठी आवश्यक कागदपत्रे
To open a Public Provident Fund Account at the Post Office, you need the following documents-
- Identity proof- Voter ID, Passport, Driving License, Aadhaar Card
- Address Proof- Voter ID, Passport, Driving License, Aadhaar Card
- PAN Card
- Passport size photograph
- Nomination Form- Form E
How to deposit money Online in Post Office PPF Account
पोस्ट ऑफिस PPF खात्यात ऑनलाइन पैसे कसे जमा करायचे
- Post Office PPF account holders can deposit money online through India Post Payment Bank (IPPB) app.
- Candidates Install and set-up the IPPB app from their mobile’s respective app store
- After that Add money from your bank account to your IPPB account
- Navigate to the Department of Post (DOP) services section
- Choose the type of account you want to access. In this case, the Public Provident Fund account
- Enter your PPF account number and DOP customer ID
- Enter the amount that you want to deposit and select the ‘Pay’ option
- Verify all the details and proceed
- You will be notified after a successful payment transfer via the IPPB app.
How to Close a Public Provident Fund Account?
पीपीएफ खाते कसे बंद कराल?
- The rules governing Public Provident Fund accounts say that you cannot withdraw the Public Provident Fund account balance after your Public Provident Fund account finishes its tenure (15 years).
- Once the completion of your 15-year term, you can get access to the Public Provident Fund account balance, and also withdraw it.
- Any time before the completion of the full tenure of the account, you cannot withdraw the entire Public Provident Fund account.
- The premature withdrawal of your Public Provident Fund up to 50% of the account balance is allowed once you complete 5 years of the Public Provident Fund.
How to link Aadhaar with a Public Provident Fund account online?
पीपीएफ खात्याशी आधार ऑनलाइन कसे लिंक करावे?
- Log into the internet banking account.
- Select ‘Registration of Aadhaar Number in Internet Banking’
- Type in the 12-digit Aadhaar number and click ‘Confirm’.
- Choose the Public Provident Fund account you want to link with your Aadhaar card
- Click on ‘Inquiry’ to check if the Aadhaar linking is done.