Features of PPF Account
More reasons to choose ICICI Bank’s PPF
Eligibility Criteria for a PPF Account
Open a Public Provident Fund
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Want to transfer your PPF account to ICICI Bank?
PPF account can be transferred from one authorised bank or Post office to ICICI Bank.
Importance of Public Provident Fund
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The Public Provident Fund (PPF) Scheme is well-known for its Tax advantages under Section 80C of the Income Tax Act. A PPF Account is a popular long-term savings and investment option in India for any Indian citizen.
Here is why it is important:
Financial Security: It ensures a secure financial future, bringing a disciplined approach to long-term savings. Over time, those that consistently contribute can build a substantial corpus.
Wealth Accumulation: This scheme makes it easier for wealth to grow steadily. Compounding growth over the long term can significantly boost your total savings and provide a substantial return on investment.
Encourages Savings Habit: Regular contributions to a PPF Account motivate investors to put money aside, enhancing financial stability. PPF Accounts have a lock-in period of 15 years, which encourages a savings habit.
Tax Benefits: The returns earned on a PPF Account are non-taxable, making it one of the most sought-after investment choices for people looking to accumulate wealth without Tax implications.
PPF Withdrawal & its Rules
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Withdrawal is allowed after 6 years from the end of the year in which the Account was opened.
You can withdraw up to 50% of the balance at the end of the 4th year preceding the year of withdrawal or the end of the preceding year, whichever comes before.
Only one partial withdrawal is allowed per year.
PPF Lock-In Period
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PPF has a lock-in period of 15 years, and you cannot fully withdraw your investment before this term ends. This long-term commitment encourages disciplined savings and helps build a substantial corpus over time.
However, partial withdrawals are allowed after 5 financial years, and you can take a Loan against your PPF balance after the 3rd year. The lock-in period makes PPF an excellent tool for long-term financial goals like retirement planning or funding your child's education.
Public Provident Fund FAQs
When can I view my PPF account online?
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PPF account can be viewed online post 24 hours from the time of account opening.
What is the maximum Standing instruction period?
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A standing instruction can be set for 15 years or till the maturity of PPF account.
Can I get tax benefit on my PPF investment?
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Tax benefits can be availed under section 80C for the amount invested. The interest accrued is tax free.
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