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Apply NowWhen you withdraw money from an ATM, shop online, and recharge your phone balance, which card are you using? An ATM card or a debit card? While most people think that an ATM card and a debit card are the same, they are not. You may not have known this because banks tend to issue an ATM-cum-debit card. However, there are certain fundamental differences between ATMs and debit cards. Let's dive in.
The Public Provident Fund (PPF) is a popular investment avenue in India for the common man, and for a good reason. You can open a PPF account with a minimum investment amount and enjoy decent returns. It is also a safe investment option as it does not depend on market fluctuations. This article will give a detailed view of the PPF scheme, its eligibility criteria, features and benefits.
The Public Provident Fund (PPF) scheme, first introduced by the Ministry of Finance’s National Savings Institute in 1968, acts as a savings scheme and a long-term investment product. Investors open PPF accounts as it can help them build a substantial wealth corpus in the long run. If you are an Indian citizen, you can open a PPF account either in your name or on behalf of a minor.
To be able to open a PPF account, an individual must meet the following criteria:
• Must be an Indian citizen.
• Should not have a PPF account in their name.
PPFs have the following features, which set them apart from other long-term investment instruments:
• In a financial year, an investor can invest a minimum of ₹500 and a maximum of ₹1,50,000. A minimum deposit of ₹500 is mandatory every year.
• The tenure of a PPF account is 15 years. This tenure can be extended in blocks of 5 years.
• In an emergency, PPF allows you to avail a loan between the 3rd and 5th year and make partial withdrawals after the 7th year.
The PPF scheme is popular for the multiple benefits it offers. These benefits fall under three broad categories, which are discussed below:
• Tax benefits: Any investment up to ₹1,50,000 is tax-deductible under Section 80C of the Income Tax Act. To add to this, the returns on an account are also tax-free. It makes PPFs a desirable investment destination.
• Returns: PPF is a lucrative investment option as it offers returns comparable to fixed deposits (FDs). The PPF interest rate is decided by the Government of India every year.
• Security: PPF is a risk-free investment as it is backed by the Indian Government. Hence, it ranks high among the safest investment instruments in the market.
If you wish to open a PPF account, you can do so at a bank or a post office. The following steps must be followed to open a PPF account:
• Fill out and submit the PPF application form.
• Provide ID proof such as your Aadhaar card, Permanent Account Number (PAN) card, passport, voter’s ID, etc.
• Submit your address proof with your current address mentioned on it.
• Submit signature proof.
A PPF account can be opened with a minimum deposit. If you want to invest your savings in PPF, you can do so online. The process is easy, quick, and hassle-free. You can also invest in FDs online, thanks to IDFC FIRST Bank. We offer attractive returns on FDs, with senior citizens allowed to withdraw early without paying the penalty.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.