PPF stands for Public Provident Fund supported by the Government of India. PPF is used as a long-term investment. It has a beneficial rate of good returns and an interest rate on the investment. This provides a higher level of safety to investment capital. The main benefit of having PPF is, that returns are not taxable under the Income-tax Act.
PPF interest rates are kept higher than banks’ Fixed Deposit rates. To encourage savings among Indians for their long-term investment, the rate is kept at 7.1% fixed. It is counted for Q2( July- September) Financial Year 2022- 23. That is compounded annually. Though this rate is for 2022-23 FY, The Financial Ministry set the interest rate every year and that is paid on 31st March.
To open a PPF account, you must be a citizen of India. You can it open in the name of an eligible minor.
Also, See: Employees Provident Fund (EPF)
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