(1) Deposit money cannot be lost: According to the new notification issued by the Ministry of Finance, the money deposited in PPF cannot be seized. The name of the new manual is Scheme of Public Provident Funds-2019 (PPF Scheme 2019).
, After the implementation of this rule, all previous rules related to PPF were rescinded with immediate effect.
, Under the new rule, the amount deposited in PPF cannot be confiscated. In the event of any debt or liability of the account holder, even if there is a court order, the amount deposited in PPF will not be forfeited.
(2) Money can be deposited even after 15 years. In the new rules, there is a provision to deposit money into the PPF account even after expiration. Upon reaching 15 years after the end of the year in which the PPF account is opened, the account holder can extend his account and deposit more money in it for a period of five years.
(3) A PPF account will only be opened in the name of a person: A PPF account can only be opened in the name of one person. The request to open an account can be made on Form-1.
, A person may also open a PPF account for each minor or retarded person for whom he or she is a guardian.
, An account can only be opened in the name of a minor or retarded person. In no case can a joint account be opened.
Also Read: In Government Bharat Bond Scheme, 1 Lakh Will Be Double In So Many Days! Know the answers to all the questions related to this
Benefits of the PPF?
A minimum investment of Rs 500 must be made each year in PPF and you can invest up to Rs 1.50 lakh in each financial year. In PPF, tax benefits are available based on the applicable limit under Section 80C of the Income Tax Law. The best part is that income tax is exempt on all investment amounts, interest and due amounts.
Change of form
>> Account Opening Form – Form A to Form 1
>> Quotation Form- Previous Form B
>> Partial Withdrawals- Form C to Form 2
>> Account Closing After Expiration – Form C to Form 3
>> PPF Loan- Form D to Form 2
>> Extension Form- Form H to Form 4
>> Premature Termination: N/A for Form 5
>> Nomination- Form E to Form 1
Also read: Government brings new rules for buying and selling real estate, these people will be directly affectedundefined
Tags: business news in hindi, Investment and return, investment plan, modified government, personal finance, PPF accounts, Provident fund savings, Public Provident Fund
PUBLISHED FOR THE FIRST TIME : December 19, 2019, 06:05 IST