PPF Balance Check: Public Provident Fund (PPF) is a long term investment vehicle in India. It comes with several benefits like attractive interest rates and returns on the invested amount.
There are many benefits of investing in PPF and this scheme can be invested for a long time. At the same time, there are some eligibility criteria for investing in PPF, which should be taken care of. Along with this, who can invest in PPF and who cannot invest, should also be fully updated about this.
Tax savings Actually, to open a PPF account, a person has to fulfill certain qualifications. On opening the account, you can get tax benefits under section 80C of the Income Tax Act. On the other hand, the 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 a PPF account. Individuals above 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 only one PPF account in your name. Even if you fulfill all the eligibility criteria for a PPF account, you cannot open another account.
Who cannot open PPF account
NRIs and Hindu Undivided Families (HUF) are not allowed to open PPF accounts. Although there are some exceptions to this as well. If a resident Indian who has now become an NRI can continue with his existing PPF account till the tenure of that account is over. Although NRIs can keep their existing account till the maturity period of 15 years but after 15 years they cannot extend it beyond 5 years.
