What documents are required to open a PPF account?
Following
documents are needed to open a PPF account
- Nomination form
- Copy of PAN card or Form 60-61
- Form A or PPF account opening form
- Photograph (passport size)
- Residence and ID proof as per Know Your Customer
(KYC) standards.
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How can I open SSY account?
Opening a SSY account is a fairly simple process. The government has authorized various Banks and Post Offices where you can open the account under this scheme. There is not much documentation needed in normal cases. Here is a list of documents ...
Is it possible for individuals to transfer their PPF account to another person?
No, individuals cannot transfer their PPF account to another person. Similarly, nominees cannot continue the PPF account under their names in case the account holder has passed away.
How many contributions can be made towards the PPF account in a month?
In a month, individuals can make up to two contributions towards the PPF account. The maximum number of contributions that can be made in a year is 12.
What are the other advantages of PPF?
Apart from tax benefits, there are other advantages of investing in PPF You can get a loan against your PPF between 3rd to 6th financial year. You can make partial withdrawals after 7th financial year of holding period. Account can be extended in a ...
How is interest calculated on PPF?
The interest rate in your PPF account is calculated on the lowest balance between the fifth and the last day of the month. Hence, to maximise your earnings, try making deposits between the 1st and the 5th of the month. Interest is compounded annually ...