Since this scheme was launched to encourage savings across income classes, minimum deposit requirements are very low and affordable. They are also tax-free accounts, easily accessible, safe (being backed by the government) and simple to understand, making them a popular investment avenue for a large majority of individuals in India.
PPF accounts can be opened at any nationalised, authorised bank and authorised branches / post offices. PPF accounts can be opened at specific private banks as well. These accounts can be opened by filling out the required forms, submitting the relevant documents and depositing the minimum pay-in at such branches/offices that have been authorised for the same.
PPF accounts can be opened at any nationalised, authorised bank and authorised branches / post offices. PPF accounts can be opened at specific private banks as well. These accounts can be opened by filling out the required forms, submitting the relevant documents and depositing the minimum pay-in at such branches/offices that have been authorised for the same.
Suppose goku works in Animation industry and gets salary of R.s 400000 yearly
.If he decides to open ppf account and invest max limit value i.e 150000
then after 15 yrs he will get good amt that too tax free
Term := 15 yrs
amount per year investing :- 150000
https://www.bankbazaar.com/saving-schemes/ppf.html
click above to see what is ppf
https://www.icicibank.com/Personal-Banking/investments/ppf/ppf-calculator.page
so in 15 yrs period time goku invested R.s 2250000
and on maturity he gets
Maturity value is
46,75,910.00
Al TAx free so not bad :clapping
So on year basis 400000 -150000 = 250000
250000 is below tax slab
so goku pays 0 tax money Total saving :xD
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