INSUBCONTINENT EXCLUSIVE:
EPF is a compulsory retirement saving option with a minimum lock-in period of five years.Provident fund, a retirement savings plan, reaps
In a provident fund account, the customer invests a part of his/her salary in the account for a certain period of time and avail the amount
Fund (PPF) account and General Provident Fund (GPF) account
EPF is a compulsory retirement saving option with a minimum lock-in period of five years
compulsorily make contributions towards the EPF
Provident Fund Organisation (EPFO) get an interest rate of 8.55 per cent on their Employees' Provident Fund (EPF) deposit.Partial withdrawal
from EPF accounts is allowed for purchase/construction of house, repayment of loan, non-receipt of wage for two months, marriage of
self/daughter/son/brother, for medical treatment of family members etc
The contribution into EPF is deducted under section 80 C of the Income Tax Act up to a limit of Rs 1,50,000.PPF accountInterests on deposits
in PPF are compounded on an annual basis, which means that it is added to the principal amount every year
The interest rate on PPF has been fixed at 8 per cent for the current quarter
A minimum of Rs 500 subject to a maximum of Rs.1,50,000 per annum can be deposited in a PPF account
The amount can be deposited in lump sum or in a maximum of 12 installments per year.A PPF account matures in 15 years
Partial withdrawal is allowed every year from the seventh financial year from the year of opening account
Income Tax benefits are available under Section 88 of Income Tax Act
Interest income is totally exempt from Income Tax
Amount outstanding to the credit is fully exempted from Wealth Tax also.GPF accountInterest rates on GPF are revised according to
government's notifications issued from time to time
GPF is offering 8 per cent interest in the quarter ending December 2018
subscribe monthly to GPF except during the period when he is under suspension
Subscriptions to the general provident fund are stopped three months prior to the date of superannuation
