Public Provident Fund (PPF) is a scheme of the Central Government of India for the investment which not only generates guaranteed returns but also gives tax rebate under section 80C of Income Tax Act. PPF account can be opened for a minimum period of 15 years and can be extended indefinitely in block of 5 years.
PPF is very popular investment instrument among all the money-saving avenues available for investment due to its flexible nature. The balance lying in PPF account is not subject to attachment under any order or decree of court.
PPF interest is calculated at the prevailing rate on monthly basis on the lowest balance between the end of the 5th day and last day of month but the total interest for the whole financial year is credited to PPF account only once i.e. at the end of financial year.
Interest earned on the PPF account is fully exempt from tax under Section 10 (11) of the Income Tax Act.
Interests are tax-free and contributions are eligible for tax exemption under Section 80C of the Income Tax Act. Withdrawals are also fully exempt from tax.
2018 December 18 is a bank holiday in Meghalaya due to Death Anniversary Of U SoSo Tham.
2018 December 19 is a bank holiday in Goa due to Goa Liberation Day.
2018 December 24 is a bank holiday in Meghalaya due to Christmas Festival.
2018 December 25 is a bank holiday in Andaman And Nicobar Island due to Christmas.
2019 January 01 is a bank holiday in Manipur due to New Year's Day.
2019 January 01 is a bank holiday in Nagaland due to New Year Day.