The Public Provident Fund allows individuals to make up to 12 deposits per year, with a minimum of Rs. 500 and maximum of Rs. 1,50,000. Loans can be taken out starting the third year, for up to 25% of the balance from two years prior. Withdrawals are permitted starting the seventh year, for up to 50% of the balance from four or one year prior, depending on which amount is less. The account can be closed after 16 years or continued with or without further deposits in 5-year blocks. Deposits and interest earned are eligible for tax benefits under sections 88 and 80 of the Income Tax Act, respectively.
The Public Provident Fund allows individuals to make up to 12 deposits per year, with a minimum of Rs. 500 and maximum of Rs. 1,50,000. Loans can be taken out starting the third year, for up to 25% of the balance from two years prior. Withdrawals are permitted starting the seventh year, for up to 50% of the balance from four or one year prior, depending on which amount is less. The account can be closed after 16 years or continued with or without further deposits in 5-year blocks. Deposits and interest earned are eligible for tax benefits under sections 88 and 80 of the Income Tax Act, respectively.
The Public Provident Fund allows individuals to make up to 12 deposits per year, with a minimum of Rs. 500 and maximum of Rs. 1,50,000. Loans can be taken out starting the third year, for up to 25% of the balance from two years prior. Withdrawals are permitted starting the seventh year, for up to 50% of the balance from four or one year prior, depending on which amount is less. The account can be closed after 16 years or continued with or without further deposits in 5-year blocks. Deposits and interest earned are eligible for tax benefits under sections 88 and 80 of the Income Tax Act, respectively.
The Public Provident Fund allows individuals to make up to 12 deposits per year, with a minimum of Rs. 500 and maximum of Rs. 1,50,000. Loans can be taken out starting the third year, for up to 25% of the balance from two years prior. Withdrawals are permitted starting the seventh year, for up to 50% of the balance from four or one year prior, depending on which amount is less. The account can be closed after 16 years or continued with or without further deposits in 5-year blocks. Deposits and interest earned are eligible for tax benefits under sections 88 and 80 of the Income Tax Act, respectively.
Minimum deposits in a year is Rs.500 and maximum is Rs. 1,50,000/-.
Loan is admissible from the third year. Loan amount is limited to 25% of balance at the end of 2nd year immediately preceeding the year in which loan is to be taken.
Fresh loan is not allowed when previous loan or interest thereof is
outstanding.
Interest is charged at the rate of 1% if prepaid within 36 months and at 6%
on the outstanding loan after 36 months.
Withdrawal is permissible from seventh financial year from the year of
opening, limited to one in a financial year.
Amount of withdrawal is limited to 50 % of balance at the end of the fourth
preceding year less amount of outstanding loan or 50% of balance at the end of immediate preceding year of withdrawal less amount of outstanding loan, if any whichever is less.
A subscriber can close the account in the 16 th financial year. The account can also be continued with or without subscription, for further blocks of 5 years.
Deposits are qualified for Income Tax rebate under section 88 of Income Tax Act.
Interest is completely tax free under section 80 of IncomeTax Act.
