The Central Government has recently notified the Public Welfare Fund Plan-2019. Under the new rule, the amount deposited in PPF cannot be confiscated. In the event of any loan or liability of the account holder, even if there is a court order, the amount deposited in PPF will not be lost.
Now PPF can be closed even after changing direction
A new basis for PPF account closure has been added in the new rules. Premature closure of the account is done only in cases such as some life-threatening illness, higher education. Now the government has added a new condition on this. After this, now, even if the account holder changes residence, he can still request early closure.
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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.
You can take a loan at a 1% lower interest rate
With the help of the PPF account, the account holder can obtain a loan. Under the new rule, this loan will now be only one percent less than the interest on PPF. Before this, there is a provision to give a loan at 2 percent less interest.
How interest is calculated
The interest received on the FPP balance is set based on the minimum amount until the 5th of each month. After the end of each financial year, the interest earned on PPF is credited to the account.
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Tags: business news in hindi, investment plan, personal finance, PPF accounts, Public Provident Fund
PUBLISHED FOR THE FIRST TIME : December 23, 2019, 04:48 IST