March 31 is the last day of the financial year. Then the new financial year will start from April 1. If you are under tax and have not made the necessary investment to save tax, do so. You can get good returns with tax savings by investing in Public Provident Fund (PPF). It keeps your money completely safe. Today we are telling you about it.
It is
earning 7.1% interest. Other tax saving schemes like PPF get higher interest in 5 year FD, National Savings Certificate and Time Deposit Scheme. PPF is currently earning 7.10% interest. By investing in such a situation, you can save tax as well as get higher returns.
There is a lock-in period of 5 years
. After opening a PPF account, money cannot be withdrawn from this account for 15 years. However, 50% of the PPF account can be withdrawn after 5 years. The full amount can be withdrawn after a period of 15 years. You will not be able to withdraw money before 5 years.
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Get the cheapest loan on
deposit at the PPF account, you can also take a loan. You are entitled to take a loan from PPF in the financial year in which you have opened a PPF account, from the end of the financial year to the end of the fifth financial year.
If you have opened a PPF account in January 2017, you can take a loan from 1 April 2018 to 31 March 2022. A maximum of 25% loan can be taken on deposit. The effective interest rate for a loan is only 1% higher than the interest earned on PPF.
Benefit of tax exemption
Investment in PPF falls in the category of EEE. This means that you get the benefit of tax exemption on the entire investment made in the plan. In addition, there is no tax on the interest earned on the investment in the scheme and the full amount of the investment. A maximum investment of Rs 1.5 lakh can be made in 1 year.
PPF account cannot be forfeited The
PPF account cannot be forfeited at the time of debt or other liability by any court or order. That is why it is a good investment option.
Can be opened in Post Office or Bank Account
PPF account can be opened in any post office or bank in your name and by any other person on behalf of the minor. However, as per the rules, not a single PPF account can be opened in the name of Hindu Undivided Family (HUF).
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