Public Provident Fund

public provident fundPublic Provident Fund: long-term savings device which has a maturity period of 15 yrs and interest payable at 8 percent per year compounded yearly. A Public Provident Fund accounts can be opened via a nationalized bank whenever during the year as well as open during the entire year for depositing cash.Benefits of tax can be benefited for that amount invested as well as interest accrued is tax-free.

A withdrawal is allowable each year from the 7th monetary yr from the date of account opening and the sum of withdrawal will probably be restricted to 50percent of the balance at credit at the conclusion of the fourth yr quickly previous the year in which the amount is withdrawn or at the conclusion of the preceding yr whichever is lower the amount of loan if any.

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