- How to open PPF account
- great for investment
- See step by step process
Benefits of PPF account: Investment is made in PPF for a long time. The investment limit in PPF is 15 years. If parents take this scheme from the very beginning of the child, then they get good returns in future. For example, the age of the child is 3 years and the PPF account is opened in the name of the child for 15 years, then in this situation when the child completes 18 years, then you will get more profit, which can be used for other than the child’s education. Can be used for essential tasks. The limit of PPF account can be increased further. For example, if you have opened a PPF account for your child for 5 years, then you can extend its time limit. You can invest in the extended time frame and even if you do not want to invest, you can extend the time limit.
Tax exemption: Those investing in PPF account also get tax exemption. Customers invest in it but get tax benefit under 80C. At the same time, the interest earned on this and the amount received on completion of the policy is also tax free.
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How to apply for PPF:
- To apply for PPF, you have to first go to your nearest bank or post office.
- Then you have to take the form to open PPF account there.
- Carefully read and fill the information asked in the application form.
- You will also be asked for some documents in the application form.
- Attach those documents in the application form and give it to the employee of the institute.
- Then check the employee application. After verifying the information properly, the account will be opened.
Required Documents: Parent’s KYC mandatory, child’s photo, child’s age proof, including Aadhar card and birth certificate
Minimum and maximum investment
To open a PPF account, you can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh.