There are many investment options available in the market, but even today a large number of people prefer to invest in government schemes. If you are looking for a government scheme for long-term investment, Public Provident Fund is a great option for you. You can invest in this scheme for 15 years at a time. PPF gives you tax benefits as well as a safe investment option.
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It has been made by the government on the lines of the Provident Fund Scheme, in which everyone from employed to housewives, children can invest. If you do business and want to collect retirement funds for your future, then PPF scheme is a great investment option for you.
You can invest even after maturity
Public Provident Fund ie PPF is one of the most liked schemes for investment. Its maturity period is 15 years. But it is not that after 15 years you have to withdraw your money and close the account. You can extend it further if you want. You can extend it indefinitely in 5-5 years. After 15 years, you can extend your account in two ways.
How to withdraw money from account after maturity?
You will have to inform the bank by giving an application that your account has matured. Along with this, you will have to submit an application form, original passbook and canceled cheque. After this, after verifying all the bank details, the amount deposited in your PPF account will be transferred to your savings account.
Interest rate of PPF
The current interest rate on PPF account is 7.1 percent per annum. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited in PPF in a financial year. A person can open only one PPF account in his name.
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