Question

Write a note on public provident fund scheme.

Answer 1

The Public Provident Fund, popularly known as PPF is the long-term saving scheme introduced by the Ministry of Finance (MoF) in 1968. The purpose of the PPF is to mobilize the small savings of individual by offering them investments that carry a reasonable return along with the income-tax benefits.

Answer 2

the Interest on log is every year revised by goi and it is generally some what more than interest paid by bank fd..

it's lock in period is 15 years ..means you can not withdraw money till 15 years..

partial withdraw available after 7 years..

every year we can deposit from minimum 1000 and maximum 150000
and this can be deducted under 80c in income tax..

in a year you can deposit maximum for 12 times