BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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INR. 1, 000/
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INR. 1, 500/
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INR. 2, 500/
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INR. 100/-
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Detailed explanation-1: -Investment Limit: You can open a PPF account with as little as Rs. 100. However, you must deposit a minimum of Rs. 500 in a financial year, and a maximum of Rs.
Detailed explanation-2: -The initial deposit amount required to open a PPF account is Rs. 100 and the annual deposit amount is between Rs. 500 to Rs. 1.5 lakh p.a. The customers also have the flexibility to decide whether they want to make any extra deposit during the renewal.
Detailed explanation-3: -A PPF account holder is eligible to withdraw his or her money only when the account is there for five years. For example, if one started an account in February 2020, he or she will be able to withdraw money in the financial year 2025-26. However, all the amount cannot be withdrawn from the PPF account.
Detailed explanation-4: -Investment limits: PPF allows a minimum investment of Rs 500 and a maximum of Rs 1.5 lakh for each financial year. Investments can be made in a lump sum or in a maximum of 12 instalments.
Detailed explanation-5: -The PPF account opening charges are just Rs. 100. This one-time amount has to be paid by the investor, over and above the minimum amount of Rs 500, which would be the first deposit into the scheme.