The Government of India has notified the PPF (Public Provident Fund, PPF) Scheme 2019.
The Government of India has notified the PPF (Public Provident Fund, PPF) Scheme 2019. Under the new rules, the rules for premature closure of PPF account in PPF Scheme 2019 (PPF Scheme, 2019) have changed.
- Last Updated:
December 19, 2019, 6:10 PM IST
- Edited by: Puja menon
(1) Deposit money cannot be seized- The money deposited in PPF cannot be seized under the new notification issued by the Finance Ministry. The new manual is named Public Provident Fund Scheme-2019 (PPF Scheme 2019).
>> After the implementation of this manual, all the previous rules related to PPF were neutralized with immediate effect.
>> Under the new rule, PPF deposits cannot be confiscated. In the event of any debt or liability on the account holder, even if there is a court order, the amount deposited in PPF will not be forfeited.(2) You can deposit money even after 15 years There is a provision in the new rules to deposit money in PPF account even after maturity. On the completion of 15 years after the end of the year in which the PPF account opens, the account holder can expand his account and deposit more money in it for a period of five years.
(3) Only one PPF account will be opened in the name of a person- Only one PPF account can be opened in the name of a person. An application for opening an account can be made in Form-1.
>> A person can also open a PPF account for every such minor or retarded person, which he is not effective.>> Only one account can be opened in the name of a minor or retarded person. In no case can a joint account be opened.
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Benefits of PPF?
PPF has to invest at least Rs 500 every year and you can invest up to Rs 1.50 lakh in every financial year. In PPF, tax benefit is available on the basis of the limit applicable under Section 80C of the Income Tax Act. The best thing is that the income tax is waived on the investment amount, interest, and maturity amount.
>> Account opening form – Form A to Form 1
>> Contribution Form – Previous Form B
>> Partial Withdrawal – Form C to Form 2
>> Account closure after maturity – Form C to Form 3
>> PPF loan – Form D to Form 2
>> Extension Form – Form H to Form 4
>> Premature Completion – N / A to Form 5
>> Nomination – Form E to Form 1
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First published: December 19, 2019, 6:05 AM IST
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