Interest Rate:
7.6?% per annum (compounded year)
How To Open An Account?:
-Minimum INR. 500/- Maximum INR. 1,50,000/- in a financial year
-Deposits can be made in lump-sum or in 12 installments
-An individual can open an account with INR 100/- but has to deposit a minimum of INR 500/- in a financial year and maximum INR 1,50,000/-
Account Facilities:
-The joint account cannot be opened
-The account can be opened by cash / Cheque and In case of Cheque, the date of realization of Cheque in Govt. account shall be a date of opening of an account
-Nomination facility is available at the time of opening and also after the opening of an account. An account can be transferred from one post office to another
-The subscriber can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts
Maturity period and Withdrawals:
-Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on
-Maturity value can be retained without extension and without further deposits also
-Premature closure is not allowed before 15 years
-Deposits qualify for deduction from income under Sec. 80C of IT Act
-Interest is completely tax-free
-Withdrawal is permissible every year from the 7th financial year from the year of opening account
-Loan facility available from the 3rd financial year
-No attachment under court decree order
-The PPF account can be opened in a Post Office which is Double handed and above
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