If you don’t have a job, you still want interest like EPFO! Invest money in this government program, here are the benefits related to the program

New Delhi. Millions of workers across the country earn more than 8% interest by investing their wages in the Employees Provident Fund Organization system. However, what is the option for those who are unemployed but still want to invest in such a government program? This question often remains in the mind of the common man. If you also want more interest and a safe investment in a government-backed scheme like EPFO, PPF is a great investment option for you.

The Public Provident Fund (PPF) is one such scheme that any Indian citizen can invest in. This state system was first presented to the public in 1968. This long-term savings program offers better returns and tax savings. Tell us about the interest and other features available in it.

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Characteristics of the public provident fund

• The minimum investment limit in this scheme is Rs 500 per year and a maximum of Rs 1,50,000 can be deposited.
• This program is valid for 15 years. After that, however, the customer can renew it twice for a period of 5-5 years.
• The interest rate in this system is set quarterly by the government. The current rate is 7.10 percent.
• Loan and withdrawal options are available according to defined standards.
• The nominating facility is available on behalf of one or more individuals in this program.

Other PPF Account-Related Terms

1. Any resident of India can open a PPF account, including minors. Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open PPF accounts.
2. The interest income in the PPF system is completely tax-free. Apart from that, there are also income tax benefits under Section 88 of the Income Tax Act.
3. With this system, the client cannot deposit more than Rs. 1,50,000 per year. At the same time, the interest amount is paid out on March 31 of each year.

How do I open a PPF account?
The PPF account can be opened by visiting the post office or branch of a nationalized bank, or in online mode. PPF accounts can be opened at the post office or any bank and can also be transferred.

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Keywords: bank interest, investment and return, PPF account, Small savings plans