- What is the age limit for PPF account?
- Can I open a new PPF account after 15 years?
- Can PPF be extended after 25 years?
- Can I have two PPF accounts in different banks?
- Can I pay PPF for my wife?
- Which is better for PPF bank or post office?
- How many PPF accounts can a family have?
- Is gift from husband to wife taxable?
- What happens if you deposit more than 1.5 lakhs in PPF?
- What happens to PPF in case of death?
- Can husband and wife can open PPF account separately?
- Which bank PPF is best?
- How much I will get in PPF after 15 years?
- Can I continue PPF after 15 years?
- Can I invest in PPF for my child?
- Can I open both EPF and PPF?
- Can we deposit Rs 150000 each in self and spouse PPF AC separately?
- Is PPF better than LIC?
What is the age limit for PPF account?
Ankur Choudhary, Co-founder& CIO, Goalwise.com replies: There is no upper age limit for opening a PPF account.
The lock-in, however, remains at 15 years irrespective of the age at which you open the account.
On maturity, the account can be extended by blocks of 5 years any number of times..
Can I open a new PPF account after 15 years?
A PPF account can be retained after maturity without making any further deposits. … PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years.
Can PPF be extended after 25 years?
You have the option of extending your PPF account after it matures. You can extend it indefinitely in a block of five years. During the extended period, you don’t necessarily have to make fresh deposits and you can even make partial withdrawals, however, there are rules governing the same.
Can I have two PPF accounts in different banks?
As per PPF rules, one individual can not open more than one PPF account in his/her name. If you open a second PPF account in your name then the second account is treated as invalid as it is not allowed as per the rules. Also, you can not close the second PPF account because of its 15-year lock-in feature.
Can I pay PPF for my wife?
You can open the PPF account in your wife’s name and invest Rs 1.5 lakh per annum on her behalf. However, the money given to your wife will be clubbed to your income. Getty Images The interest and maturity amount of PPF is exempted from Tax.
Which is better for PPF bank or post office?
Some schemes of the post office are far better, when it comes to tax savings and returns. Take the case of the PPF. The interest is exempt from tax, apart from this one also gets tax benefits under Sec 80C. The interest rates of 7.1 per cent, offered currently are unmatched by banks, which makes it very attractive.
How many PPF accounts can a family have?
However, an individual is allowed to open only one PPF account as per the law. Either of the parents can open one account in the name of their minor child. There is a cap of ₹1.5 lakh on the investments; one can make in the two accounts including that of a minor’s account.
Is gift from husband to wife taxable?
In other words, he can gift whatever he wants out of this post-tax income. His wife will, however, not be taxed on the receipt of a gift from her husband, who falls under the specified list of ‘relatives’ who are exempt under the Income Tax Act. … The amount received by his wife as a gift will be tax-free in her hands.
What happens if you deposit more than 1.5 lakhs in PPF?
The PPF deposit up to 1.5 lakh is liable to the exemption and the amount to be received on maturity is also tax-free. Hence, PPF scheme undoubtedly is one of the most tax efficient and popular money-saving schemes in India.
What happens to PPF in case of death?
In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s). The paperwork and documentation for the claim vary based on whether a nomination has been registered by the PPF subscriber or not.
Can husband and wife can open PPF account separately?
First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. So, a working husband cannot open a PPF account in the name of his wife.
Which bank PPF is best?
A PPF account can be opened in only designated bank branches of SBI and its subsidiaries, ICICI Bank, Axis Bank. Other banks where you can open a PPF account include: HDFC Bank, Central Bank of India, Bank of India (BOI), IDBI, Central Bank of India, Punjab National Bank, Indian Overseas Bank, and few others.
How much I will get in PPF after 15 years?
1,00,000 towards your PPF investment for 15 years at 7.1%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .
Can I continue PPF after 15 years?
PPF accounts mature in 15 years and they can be extended beyond 15 years in blocks of five years. They can be be retained with or without making further contributions. The corpus will earn continue to earn interest till the account is closed. … Otherwise, fresh deposits into PPF account will not earn any interest.
Can I invest in PPF for my child?
An individual can open a PPF account a child’s name in the capacity of guardian of the minor. But remember that a PPF account cannot be opened in joint names. When the minor turns 18, he/she can operate the account. Loans and other benefits like partial withdrawals from the minor’s account are also allowed.
Can I open both EPF and PPF?
Only employees of companies registered under the EPF Act can invest in the EPF or PF. Both the employer and employee are required to contribute 12% of the employee’s basic salary and dearness allowance every month to the EPF account. … You can open a PPF account with the post office or most major banks.
Can we deposit Rs 150000 each in self and spouse PPF AC separately?
You cannot invest more than Rs 1.5 lacs per financial year in PPF account. For the PPF account opened in the name of a minor, there has to be a guardian.
Is PPF better than LIC?
The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand. What you should do is invest in the PPF and take a term policy online, which is cheaper and faster. In the term policy you do not get your money back, but, you are provided with solid insurance.