- Is PPF better than LIC?
- Can husband deposit in wife PPF?
- When can PPF be withdrawn?
- What is the minimum lock in period for PPF account?
- Is it necessary to invest in PPF every year?
- What happens to PPF account after 15 years?
- Can PPF account can be closed before maturity?
- How can I revive a discontinued PPF account?
- Can I open another PPF account after 15 years?
- What happens if the PPF account holder dies?
- Is it mandatory to deposit every year in PPF?
- What happens if you dont pay PPF?
- Can PPF be withdrawn?
- Is SIP better than PPF?
- How much I will get in PPF after 15 years?
Is PPF better than LIC?
The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand.
What you should do is invest in the PPF and take a term policy online, which is cheaper and faster.
In the term policy you do not get your money back, but, you are provided with solid insurance..
Can husband deposit in wife PPF?
Yes, your wife can have a PPF account in her name and you can invest Rs 1.5 lakh on her behalf (apart from the Rs 1.5 lakh that you invest in your own PPF account). Under the income tax laws, income from money given to a spouse is clubbed with the income of the giver.
When can PPF be withdrawn?
15 yearsYou can withdraw from the PPF account after it matures 15 years from account opening. You can also make partial withdrawals, after the end of 6th financial year from account opening. Finally, you can go for premature closure after 5 financial years, on specific medical and educational grounds.
What is the minimum lock in period for PPF account?
15 yearsA PPF account comes with a specified lock-in period of 15 years. However, you should keep in mind that in case of PPF, the lock-in period in not calculated from the date of opening the account. Instead, it’s calculated from the date of end of the financial year in which the first deposit was made in the account.
Is it necessary to invest in PPF every year?
Even though the interest on PPF deposits is calculated and becomes due every month, it is credited only at the end of the financial year. Hence, if you are also planning to invest in PPF in the new financial year 2020 to save tax or simply as an investment then you should do it before the 5th of April.
What happens to PPF account after 15 years?
After the completion of 15 years, the account holder has to intimate the post office within one year whether to continue with deposits or not. After a year, one will have to withdraw full balance or extend the account without fresh contributions.
Can PPF account can be closed before maturity?
It is important to note that a PPF account cannot be closed before maturity. A PPF account, however, can be transferred from one point of designation to another. But, do remember that a PPF account cannot be closed prematurely.
How can I revive a discontinued PPF account?
Reviving an inactive accountSubmitting a written request at the post office or bank branch where the account is based.Pay the minimum yearly deposit amount of Rs. 500 for each year the account has been inactive.Pay a fine of Rs. … Visit the branch of PPF account once more to complete the verification process.
Can I open another PPF account after 15 years?
A PPF account can be retained after maturity without making any further deposits. … PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years.
What happens if the PPF account holder dies?
In the event of the death of a PPF subscriber, any money in his account is passed on to the nominee(s) or the legal heir(s). … In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s).
Is it mandatory to deposit every year in PPF?
You can open a PPF account with just Rs 100 in any of the recognized banks. But it is mandatory to deposit at least make a minimum deposit of Rs 500 every year, too, if you fail, your account will be deactivated, and you’ll then be required to pay Rs 50 as a penalty along with Rs 500 for that specific year.
What happens if you dont pay PPF?
If you do not invest the amount due for the month of May on time, then you will be charged a penalty. In a PPF, if you do not invest a minimum amount of Rs 500 in a single financial year, your account will become inactive. … As per the India Post website, default fee of Rs 1 for every Rs 100 is charged.
Can PPF be withdrawn?
Yes, you can make partial withdrawals from your PPF account after five years. However, the maximum amount you can withdraw is capped at the lower of the two – 50% of the balance at the end of the fourth financial year or 50% of the balance at the end of the preceding year.
Is SIP better than PPF?
SIP investment in mutual funds are ideal for all, short term, medium term and long term goals. They are ideal for wealth creation and fulfilment of goals. A PPF is ideally suitable for only long term investments of 15 years or more. … SIP investment in mutual funds do not have a defined lock-in period.
How much I will get in PPF after 15 years?
1,00,000 towards your PPF investment for 15 years at 7.1%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .