Keep these rules carefully, otherwise the PF account will be closed and there will be no interest

Keep these rules carefully, otherwise the PF account will be closed and there will be no interest
If a subscriber contributes more than Rs 1.5 lakh annually, then no interest or tax will be levied on the amount of Rs 1.5 lakh. On the additional amount, the post office will refund the account without interest.
PPF account gets irregular, know rules
Public Provident Fund (PPF) is a popular investment option due to a good return and tax benefits. To take full advantage of that, you should keep track of the rules attached to the PPF account. The account that is not being done can be declared irregular.
What is an irregular account?
Declaring PPF account irregular means that the post office is advised that no special rules are being followed. This may result in the closure of the account, the amount can be returned or the closure of the interest will be stopped. This is a long process to regularize the accounts again.
On opening one or more accounts
Only one PPF account can be opened in a single name. PPF account can not be opened at both bank and post office. If someone accidentally opened two PPF accounts, the second irregular will be declared and no interest will be available until both accounts are available. PPF account can be opened by parents in a minority.
Annual amount of more than Rs 1.5 lakh per year
If a subscriber deposits more than Rs 1.5 lakh annually, then no interest or tax benefit will be available on the amount of 1.5 lakh. The post office will refund the account without interest to the maximum amount.
Joint Account
Joint PPF account has no provision. If an account is found by a joint name it can be declared irregular.
Prior to raising the term required
The PPF account can be extended for a period of time after 15 years, but if the contribution to the post office without prior information, then the account can be declared irregular. If you wish to continue the PPF account after 15 years, you will have to give the information to the post office in Form 14 filled for 14 years.
Read the original source

Keep these rules carefully, otherwise the PF account will be closed and there will be no interest Rating: 4.5 Diposkan Oleh: MANOJ MAKWANA

Search This Blog