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Within 1 year of maturity | When can a Senior Citizen Savings Scheme (SCSS) account be extended? |
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The rate applicable on the date of maturity | What is the interest rate applicable to an extended Senior Citizen Savings Scheme (SCSS) account? |
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7.1 % per annum (compounded yearly) | What is the interest rate for Public Provident Fund Account (PPF) from 01.01.2024? |
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INR. 500/- | What is the minimum amount required to open a PPF account? |
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Maximum INR. 1,50,000/- in a financial year | What is the maximum balance that can be retained in a PPF account in a financial year? |
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A single adult by a resident Indian or a guardian on behalf of minor/ person of unsound mind | Who can open a PPF account? |
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No, only one account can be opened all across the country either in Post Office or any Bank | Can multiple PPF accounts be opened across the country? |
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Rs. 500 in a Financial Year | What is the minimum deposit required in a financial year? |
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Rs. 1.50 lakh in a FY | What is the maximum deposit limit in a financial year? |
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Yes, deposits can be made in any number of installments in a FY in multiple of Rs. 50 and maximum up to Rs. 1.50 lakh | Can deposits be made in installments? |
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The PPF account shall become discontinued | What happens if the minimum deposit of Rs.500/- is not made in a financial year? |
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By depositing minimum subscription (i.e. Rs. 500) + Rs. 50 as default fee for each defaulted year | How can a discontinued account be revived? |
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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 | How is interest calculated in a PPF account? |
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Yes, interest earned is tax-free under Income Tax Act | Is interest earned on PPF account tax-free? |
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After the expiry of one year from the end of the FY in which the initial subscription was made | When can a loan be taken from a PPF account? |
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Up to 25% of balance to his credit at the end of the second year immediately preceding the year in which loan is applied | What is the maximum amount that can be taken as loan from a PPF account? |
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One withdrawal can be taken during a financial year after five years excluding year of account opening | How many withdrawals can be taken in a financial year? |
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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 | What is the maximum amount that can be withdrawn from a PPF account? |
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After 15 F.Y. years excluding FY of account opening | When does a PPF account mature? |
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Can take maturity payment, can retain maturity value in his/her account further, or can extend his/her account for further block of 5 years | What are the options available to a depositor on maturity of a PPF account? |
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In case of life threatening disease of account holder, spouse or dependent children, higher education of account holder or dependent children, or change of resident status of account holder | Under what conditions is premature closure of a PPF account allowed? |
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The account shall be closed and nominee or legal heir(s) shall not be allowed to continue deposits in the account | What happens to a PPF account in case of death of the account holder? |
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7.1 % per annum (compounded yearly) | What is the interest rate for Public Provident Fund Account (PPF) from 01.01.2024? |
|
INR. 500/- | What is the minimum amount required to open a PPF account? |
|
Maximum INR. 1,50,000/- in a financial year | What is the maximum balance that can be retained in a PPF account in a financial year? |
|
A single adult by a resident Indian or a guardian on behalf of minor/ person of unsound mind | Who can open a PPF account? |
|
No, only one account can be opened all across the country either in Post Office or any Bank | Can multiple PPF accounts be opened across the country? |
|
Rs. 500 in a Financial Year | What is the minimum deposit required in a financial year? |
|
Rs. 1.50 lakh in a FY | What is the maximum deposit limit in a financial year? |
|
Yes, deposits can be made in any number of installments in a FY in multiple of Rs. 50 and maximum up to Rs. 1.50 lakh | Can deposits be made in installments? |
|
The PPF account shall become discontinued | What happens if the minimum deposit of Rs.500/- is not made in a financial year? |
|
By depositing minimum subscription (i.e. Rs. 500) + Rs. 50 as default fee for each defaulted year | How can a discontinued account be revived? |
|
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 | How is interest calculated in a PPF account? |
|
Yes, interest earned is tax-free under Income Tax Act | Is interest earned on PPF account tax-free? |
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After the expiry of one year from the end of the FY in which the initial subscription was made | When can a loan be taken from a PPF account? |
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Up to 25% of balance to his credit at the end of the second year immediately preceding the year in which loan is applied | What is the maximum amount that can be taken as loan from a PPF account? |
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One withdrawal can be taken during a financial year after five years excluding year of account opening | How many withdrawals can be taken in a financial year? |
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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 | What is the maximum amount that can be withdrawn from a PPF account? |
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After 15 F.Y. years excluding FY of account opening | When does a PPF account mature? |
|
Can take maturity payment, can retain maturity value in his/her account further, or can extend his/her account for further block of 5 years | What are the options available to a depositor on maturity of a PPF account? |
|
In case of life threatening disease of account holder, spouse or dependent children, higher education of account holder or dependent children, or change of resident status of account holder | Under what conditions is premature closure of a PPF account allowed? |
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The account shall be closed and nominee or legal heir(s) shall not be allowed to continue deposits in the account | What happens to a PPF account in case of death of the account holder? |
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Yearly | What is the frequency of interest compounding in a PPF account? |
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Yes, by a guardian on behalf of minor | Can a PPF account be opened in the name of a minor? |
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Rs. 500 | What is the minimum amount that can be deposited in a PPF account in a financial year? |
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Yes, in any bank or post office | Can a PPF account be opened in a bank or post office? |
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At the end of each Financial year | When is interest credited to a PPF account? |
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25% of balance to his credit at the end of the second year immediately preceding the year in which loan is applied | What is the maximum percentage of balance that can be taken as loan from a PPF account? |
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Only one loan can be taken in a Financial Year | How many loans can be taken from a PPF account in a financial year? |
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1% per annum | What is the interest rate applicable on loan taken from a PPF account if repaid within 36 months? |
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6% per annum | What is the interest rate applicable on loan taken from a PPF account if repaid after 36 months? |
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After five years excluding year of account opening | When can a depositor take a withdrawal from a PPF account? |
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50% of balance at the credit at the end of 4th preceding year or at the end of preceding year, whichever is lower | What is the maximum percentage of balance that can be withdrawn from a PPF account? |
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The account will be matured after 15 F.Y. years excluding FY of account opening | What happens to a PPF account on maturity? |
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Yes, for a further block of 5 years | Can a depositor extend a PPF account after maturity? |
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In case of life threatening disease of account holder, spouse or dependent children, higher education of account holder or dependent children, or change of resident status of account holder | What is the condition for premature closure of a PPF account? |
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1% interest shall be deducted from the date of account opening/date of extension as the case may be | What is the penalty for premature closure of a PPF account? |
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Yes, the account shall be closed and nominee or legal heir(s) shall not be allowed to continue deposits in the account | Can a PPF account be closed on the death of the account holder? |
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Yes, a PPF account can be transferred from one bank to another | Can a PPF account be transferred from one bank to another? |
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No, a PPF account cannot be opened jointly | Can a PPF account be opened jointly? |