Ppf Account In Kotak

The ppf scheme was launched with an aim to rationalize small investments by offering reasonable returns on it.

Ppf account in kotak. This scheme states that any citizen of india is free to contribute to the scheme through which the person can claim an income tax rebate. The first is that interest rate on the ppf is 7 6 percent per annum which is the higher than most banks. Customer service mon to fri 9 00 am to 6 00 pm call and trade mon to fri 8 30 am to 5 30 pm. Partial withdrawals can be started after completing 6 consecutive years of investment but the amount withdrawn is limited to 50 of the account balance as of the 4th year of investment.

Enjoy liquidity by linking your fixed deposit to savings account or current account earn applicable interest on the money till it is swept in the account only an exact amount required to make up for the deficit in the account is withdrawn from your fixed deposit in the units of re. The interest earned on a ppf account upon maturity is the weighted average of the interest rates that have been declared in all the years in which the account was operational. There are a number of reasons to open a ppf account. A public provident fund account can be opened either at a post office or a bank that is allowed to accept such deposits.

The scheme was introduced by the national savings institute in 1968. For example if the interest rate at ppf maturity is 8 but the interest rate in previous years was 7 the final rate of interest would be taken as the weighted average. Where to open online account opening is available only with banks. While the ppf only allows account closure in case of maturity or urgency you can withdraw amounts from your ppf subject to certain rules.

To make the account opening process easier and more accessible it is now possible to open ppf accounts online. The ppf public provident fund is a popular savings cum tax efficient avenue which is backed by the government of india.