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All you need to know about PPF
Looking to buy a term insurance plan?
With so many considerations, let us help you to make easy decisions for your life insurance needs
- PPF comes with a lock-in period of 15 years. This means that it is a highly credible long term financial savings option and as such is ideal for long term futuristic financial goals.
- In order to open a PPF account, you just need to visit the nearest post office and fill in the required form for setting up the account. Even several banks (nationalized banks) offer the facility to set up the PPF account. After the due process is completed, the concerned officials with set up your account and you will be given a passbook containing a list of the transactions with details.
- An individual can operate only one PPF account and in case any separate account is found to exist, it will be made non-functional. Even if as a parent, you create a PPF account for your dependent child, the ownership of the account cannot be claimed jointly.
- Although partial withdrawals are not allowed, yet an amount to the tune of less than or equal to half the balance amount for the previous financial year can be withdrawn for specific purposes. Also, a PPF account has a specific market cash value i.e. loan can be taken out against a PPF account.
- Once the term matures, you can choose to either withdraw the entire accumulated amount as a lump-sum payment or you can choose to seek an extension of five years on the account.
- Under Section 80C of the Income Tax Act, 1961, a maximum amount of Rs 1.5 Lac in a given financial year is eligible for tax exemption. Besides, the returns are also eligible for tax exemption and wealth tax is not admissible.
- In case of demise of the account holder during the policy term, the account cannot be operated or extended by the nominee(s) of the policy holder.
- A PPF account cannot be transferred in the name or authority of any other person by the account holder.
- There is one restriction on the eligibility of those who can open the account though. For instance, minors and Non-Resident Indians are not permitted to set up PPF accounts.
HDFC Life offers various saving and investment plans that seek to multiply your financial coverage and allow your funds to grow so that you can earn optimum benefits over a period of time.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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