Features & Characteristics of PPF Account

Public Provident Fund (PPF) is famous because of its flexible nature. There are many key features of PPF Account as well as salient features of PPF account which are also known as PPF key features. Outlined below are the features of public provident fund account:

1. PPF Account can be opened in an authorised post office or a bank branch.
2. A person of any age can open a PPF account.
3. You may open a PPF account in the name of a minor.
4. PPF account cannot be opened in joint names.
5. Flexible instalments deposits are allowed in lump-sum or maximum 12 instalments per year.
6. PPF can be opened with minimum of Rs 100 and further, PPF allows a minimum investment of Rs 500 per financial year.
7. Maximum amount that can be deposited in PPF Account is Rs 1.5 lakhs per financial year.
8. Amount can be deposited into a PPF account by way of cash, cheque or online fund transfer
9. It has a maturity period of 15 years.
10. Nomination facility is provided by a PPF Account.
11. Loan facility is available after 3 years.
12. Tax benefits are offered to PPF Account holders.
13. A PPF Account can be renewed/ extended within 1 year of maturity for further 5 years and so on in the block of 5 years indefinitely.
14. PPF account cannot be closed before maturity.
15. Full withdrawal is allowed only on or after maturity.
16. Maturity value can be retained in the PPF account without extension and further deposits.
17. PPF scheme is fully guaranteed by the Central Government.
18. Balance in PPF account is not subject to attachment under any order or decree of court.