BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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An individual can open account with INR 100/-but has to deposit minimum of INR 500/-in a financial year and maximum INR 1, 50, 000/
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Account can be opened by cash /Cheque and In case of Cheque, the date of realization of Cheque in Govt. account shall be date of opening of account.
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Nomination facility is available at the time of opening and also after opening of account. Account can be transferred from one post office to another.
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All of the above is the silent features of PPF Account
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Detailed explanation-1: -Features of PPF account Opening balance: The account can be opened with just Rs 100 a month. Annual investments above Rs 1.5 lakh will not earn interest and will not be eligible for tax savings. Deposit frequency: Deposits into a PPF account have to be made at least once every year for 15 years.
Detailed explanation-2: -PPF or Public Provident Fund is a long-term fixed income savings scheme offered by the Government of India. It offers tax benefits as well as fixed and guaranteed returns. It is one of the tax-saving instruments under Section 80C of the old regime of Income Tax Act.
Detailed explanation-3: -As a saving scheme by the government, PPF gives an agreeable rate of interest and returns on investments. This scheme tends to serve as a prerequisite for financial requirements at the time of retirement. It has a tenure of 15 years which, however, can be extended in blocks of 5 years on application by the subscriber.