Wednesday, February 8, 2023
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PPF Account: Big update on PPF, these people cannot open account in this scheme

PPF Balance Check: Public Provident Fund ( PPF ) is a long-term investment instrument in India. It comes with many benefits such as attractive interest rates and returns on invested amount. There are many advantages to investing in PPF ( PPF ) and this scheme can be invested for a long time. At the same time there are some eligibility criteria to invest in PPF, which should be taken care of. Also, who can invest in PPF and who cannot invest, there should be complete update about this.

Tax savings
Actually, a person has to fulfill special qualifications to open a PPF account. On opening an account, you can get tax benefits under Section 80C of Income Tax Act. At the same time, interest and returns received under PPF are not taxable under income tax.

Who can open PPF account?
Only Indian citizens living in the country can open PPF account. Persons over 18 years of age are eligible to open an account in PPF. There is no upper age limit for opening PPF account. At the same time you can open the same PPF account in your name. Even if you fulfill all the qualifications for a PPF account, you cannot start a second account.

Who can not open PPF account
NRI and Hindu undivided families (HUF) are not allowed to open PPF accounts. However there are some exceptions to this. If a resident Indian who has now become an NRI can continue that account till the completion of tenure of his existing PPF account. Although NRIs can keep their existing account till a maturity period of 15 years but after 15 years they cannot extend it to 5 years.

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