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PPF Account Benefits: You must have heard about PF account i.e. Provident Fund account, but the same name is similar to PPF account which is called Public Provident Fund. As PF account is for salaried people, similarly PPF account is different in the sense that it can be opened by any Indian citizen. This is a very good saving instrument for the public and through this you can accumulate a good corpus over a long period.
Most attractive point – get better interest i.e. higher returns
Interest rates for PPF accounts are issued by the Government of India every quarter and they are increased or decreased. At present, the interest rate on PPF account is 7.1 per cent, which is considered better than other investment instruments of banks or post offices.
Know the interest and other tax benefits
The amount invested in the PPF account offers the benefit of tax deduction of up to Rs 1.5 lakh. Tax exemption is available on both the interest earned on it and the maturity amount, so it is a good tax exemption option not only at the time of maturity but also annually. It is considered as a good return product due to its following Triple E (EEE) model of taxation.
Treat PPF account as a long term companion
The tenure of PPF account is 15 years and on its maturity, withdraw the taxable amount. However, if you want to run the account further, then you can also choose the option to extend it for 5 years.
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