Public Provident Fund (PPF) continues to be a favourite savings avenue for many investors. After all, the principal and the interest earned ... Read more
Public Provident Fund (PPF) continues to be a favourite savings avenue for many investors. After all, the principal and the interest earned have a sovereign guarantee and the returns are tax-free. The principal invested in the PPF qualifies for deduction under Section 80C of the Income Tax Act, 1961 and the interest earned is tax exempt as well under Section 10.PPF is a 15-year scheme, which can be extended indefinitely in block of 5 years. It can be opened in a designated post office or a bank branch. It can also be opened online with few banks. One is allowed to transfer a PPF account from a post office to a bank or vice versa. A person of any age can open a PPF account; even those with an EPF account can open one.One can deposit a maximum of 12 times in a year, but remember to deposit before the 5th of the month to get interest for the full month, as the interest is allowed on the lowest balance at the credit of an account from the close of the 5th day and the end of the month. Many investors deposit a lump sum amount right at the beginning of the financial year. There are provisions to take loans and make partial withdrawals from the scheme as well.*Disclaimer Statement: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.
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Latest small savings schemes interest rates: The savings schemes offered by post offices consist of the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS). - Latest PPF rules: Can NRI continue investing in Public Provident Fund account he opened when he was an Indian resident?
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The money that you are saving is an asset that has the potential to generate higher returns, which will help him reach his goals faster. The amount that will have to be set aside from the current income will come down since the returns that will be generated will add to the corpus being created for their future needs. - Tax saving ideas: Use these 6 financial, banking instruments to save taxes
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Under Section 80CCD(2), up to 10% of the basic pay put in the NPS on behalf of the employee is tax-free. You should ask for some basic allowances, such as reimbursement of telephone and newspaper bills, fuel expenses and LTA. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. - Tax-saving tips: 7 lesser-known investments, expenses eligible for tax breaks
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Many investors view tax concessions as choices that must be optimised. Why should we worry about this? We may end up with an asset allocation that will not serve our goals and needs. We may give up operational flexibility while choosing products. We may not be able to access the asset for other important uses. - How to open PPF account online with ICICI Bank
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Preeti Khurana says: "Individuals should choose investment products based on their risk profile and investment horizon. Popular products under 80C include life insurance premium, ELSS, PPF, and ULIPs. Tax payers can switch from the old tax regime to the new tax regime at the beginning of the new financial year. Don't forget to claim tax benefits for health insurance and submitting reimbursement claims to reduce tax liability." - PPF taxation: Why the Public Provident Fund is a safe option to save tax; 5 things to know
Tax-saving investments: PPF offers tax exemptions at the time of investment, accrual, and withdrawal. It has a current interest rate of 7.1% per annum and a maximum deposit limit of Rs 1.5 lakh per financial year. PPF accounts can be extended indefinitely in blocks of 5 years. Additionally, it is advisable to diversify savings between PPF and equity investments for a balanced portfolio. - Which mutual fund schemes should I invest in for maximum wealth creation?
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The Portfolio Doctor assesses the health of the fund portfolio, examines the schemes and their suitability with regard to the goals and, if required, recommends corrective measures. The advice given is based on the performance of the funds, the risk profile of the investor as well as his financial goals. - Long-term investment options to build a multi-crore corpusLong-term investment options to build a multi-crore corpusOur panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.
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- Latest PPF interest rate: Was Public Provident Fund interest rate hiked for Oct-Dec quarter?Latest PPF interest rate: Was Public Provident Fund interest rate hiked for Oct-Dec quarter?The government raised the interest rate on just one small savings scheme for the quarter ending December 31, 2023.
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- How to transfer funds from bank account to PPF, Sukanya Samriddhi Yojana, post office savings account without adding beneficiary
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- Submit Aadhaar by this date or your PPF, NSC, SCSS investments will be frozen
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