15-Year Public Provident Fund Account
For all tax saving investments, public provident fund is the best; this shows, because we get deduction in our income by investing in it, but we still do invest. The interest earned on this public provident fund is tax free, the Government of India runs the scheme so it is extremely safe. You will not have to worry about someone running away with your money in this case.
How To Open and Apply for The Account
In order to open a PPF account, go to a branch of State Bank of India, even the subsidiary branches of SBI can open this account for you. You can find the list of these banks online, and visit the nationalized bank that is convenient for you. Even the head post office or some selected grade sub post offices also open these accounts. After filling up the form, which can be downloaded from the website of SBI, you attach a passport size photograph on the form and submit it with you Permanent Account Number. In case you don’t have a PAN card then you can get an attested copy of your voter’s ID card or ration card. After your account is opened you get a passbook.
Who Can Subscribe
Any individual in his name or on behalf of a minor can apply for a PPF account in addition to GPR account. The PPF account can be only opened in one name.
Subscription
15 Year Public Provident Fund Account needs a contribution of 16 in all. The annual subscription amount ranges from Rs. 500 to Rs. 70,000 which is payable either in a lump sum or in easy installments, but not exceeding 12 years.
Rate of Interest
Deposited money in the account earns 8% rate of interest per annum, which is annually compounded. Interest is paid on the lowest balance, which is between the 5th day and the last day of the month.
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pls provide us more details about PPF account.
Thanks
santosh tripathi