PPF Account new update: There are many questions in the minds of investors regarding Provident Fund. Today we are going to answer some important questions related to PPF. If you also invest in PPF, then it is important for you to know these things.
A popular investment plan among investors, the Public Provident Fund appeals more to investors who want to earn high but steady returns. The main goal of individuals opening a PPF account is to protect the principal amount.
In many questions related to PPF, today we are going to answer some important questions like who can open PPF account, can there be two PPF accounts in one name, etc., let us know these questions one by one. .
Who can open PPF account?
PPF account can be opened by any Indian resident in his own name. If parents want to open PPF account of their minor son or daughter, then they can get it opened. It is to be noted here that both mother and father cannot open an account for the same child, only one of the two can do so.
If the parents of the child have died, then their grandfather or grandmother can open the PPF account of those children as a guardian.
What is the minimum and maximum investment in PPF?
The minimum deposit amount in a PPF account is Rs 500 per annum and the maximum amount is Rs 1,50,000 per annum. Let us tell you that for the April-June quarter, PPF offers an interest rate of 7.10 percent.
What happens if no amount is deposited in one or more financial years?
If a person does not deposit a minimum of Rs 500 on completion of a financial year, a penalty of Rs 50 will be levied on his account for every year of default.
Can I have more than one PPF account in my name?
There is only one answer to this question, no. A person can maintain only one account in his own name, however, the account opened on behalf of a minor will not be added to it.
Can you withdraw money from PPF account?
If you want to withdraw money from your PPF account, you can absolutely do so. You can withdraw money from your PPF account once in a year but you will be able to do so from the seventh financial year of account opening.
