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Government Of Assam Finance Directorate of Small Savings

Public Provident Fund (PPF) Account Account

  • An investment scheme where an individual can open account with Rs 100 but has to deposit minimum of Rs 500 in a financial year and maximum of Rs 1.5 lakh. Deposits can be made in lump-sum or in 12 equal instalments.

    Key Features:

    • There is no provision for joint account.
    • Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.
    • The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
    • Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
    • Maturity value can be retained without extension and without further deposits also.
    • Premature closure is not allowed before 15 years.
    • Deposits qualify for deduction from income under Section 80C of the Income Tax Act, 1961.
    • Interest is completely tax-free.
    • Withdrawal is permissible every year from 7th financial year from the year of opening account. Loan facility can be availed by the account holder from the third financial year.

    Source: India Post