BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A Public Provident Fund (PPF) account holder can deposit a maximum of
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1.5 Lakhs
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2.5 Lakhs
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1.0 Lakh
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3.5 Lakhs
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Explanation:
Detailed explanation-1: -You can make a deposit to a PPF account ranging from Rs.500 up to Rs.1.5 lakh per financial year. The deposit can be made in a lump sum or in instalments. There is no restriction on the number of instalments per financial year.
Detailed explanation-2: -You cannot deposit more than Rs. 1.5 lakhs in the PPF Account in any given financial year. The deposit frequency, however, is not limited. Earlier, the PPF account max deposit was twelve times in one financial year.
Detailed explanation-3: -Hence, we suggest government to increase the ceiling of PPF contribution to Rs 3 lakh, ” said the ICAI. In 2014, the limit for maximum deduction under Section 80C was raised to Rs 1.5 lakh.
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