TAX LAWS, PPF,SCSS,LLP
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for VIDEO LECTURES OF ASHISH SIR (FOR ALL SCALES) — Bank Promotions.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the current rate of interest on Public Provident Fund (PPF) accounts?
The PPF interest rate is 7.1% per annum (compounded annually), notified by the Government of India on a quarterly basis.
What is the minimum annual deposit required to keep a PPF account active?
Minimum Rs. 500 per year is required.
What is the maximum annual deposit limit allowed in a PPF account?
The maximum deposit allowed in a PPF account is Rs. 1,50,000 per financial year, and the minimum deposit required to keep the account active is Rs. 500 per year.
In how many instalments can deposits be made in a PPF account annually?
Maximum 12 instalments per financial year allowed.
What is the lock-in period for a PPF account?
A PPF account has a mandatory lock-in period of 15 years from the end of the financial year in which the account was opened.
What is the extension period available for PPF accounts after maturity?
PPF can be extended in blocks of 5 years.
Can a PPF account be opened in the name of a minor?
Yes, a PPF account can be opened by a guardian on behalf of a minor, but the combined deposits in the guardian's own account and the minor's account cannot exceed Rs. 1,50,000 per year.
From which year of a PPF account can partial withdrawal be made?
Partial withdrawal is allowed from the 7th year onwards.
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