What does PPF stand for?
The Full form of PPF Is Public Provident Fund , or PPF stands for Public Provident Fund,
“The Public Provident Fund (PPF) is a savings scheme offered by the Government of India that allows individuals to save money for their long-term financial goals while also earning tax benefits. It is a popular investment option among individuals looking for a safe and secure way to grow their money. In this blog post, we will be discussing the PPF in detail, including its features, benefits, and how to open an account.
Full Form of PPF:
PPF stands for Public Provident Fund. It is a savings scheme offered by the Government of India under the Ministry of Finance. The scheme was introduced in 1968 with the objective of providing an investment option that offers both returns and tax benefits.
Features of PPF:
- The PPF account can be opened at any branch of a nationalized bank, select private sector banks, and post offices in India.
- The minimum deposit required to open a PPF account is Rs. 500, and the maximum deposit per year is Rs. 1.5 lakh.
- The deposit can be made in lump sum or in instalments.
- The deposit earns interest at the rate determined by the government, currently 7.1% per annum.
- The interest earned is tax-free.
- The deposit and interest earned are both tax-free under Section 80C of the Income Tax Act.
- The PPF account has a maturity period of 15 years, which can be extended in blocks of 5 years.
- Premature withdrawal is allowed after the completion of 5 years, but with certain conditions.
- Nomination facility is available at the time of opening or any time during the currency of the account.
- Loan facility is available after the completion of 1 year of account opening.
Benefits of PPF:
- The PPF is a safe and secure investment option as it is backed by the Government of India.
- The interest earned on the deposit is tax-free, making it an attractive option for tax-saving.
- The PPF account can be used to save for long-term financial goals such as retirement, children’s education, and marriage.
- The maturity period of 15 years provides a long-term investment horizon.
- The flexibility of deposit options in instalments makes it accessible to individuals with limited means.
- The loan and withdrawal facilities provide added liquidity.
How to Open a PPF Account:
- You can open a PPF account at any branch of a nationalized bank, select private sector banks, and post offices in India.
- The documents required to open a PPF account include a photocopy of your identity proof and address proof, and a passport-sized photograph.
- The account can be opened in the name of an individual, or in the name of a minor, with the guardian as the account holder.
- The minimum deposit required to open a PPF account is Rs. 500, and the maximum deposit per year is Rs. 1.5 lakh.
Conclusion:
The Public Provident Fund (PPF) is a savings scheme offered by the Government of India that provides a safe and secure way to save for long-term financial goals. The scheme offers tax benefits and a flexible deposit option, making it an attractive investment option for individuals. The PPF account can be opened at any branch of a nationalized bank, select private sector banks, and post offices in India, and requires minimal documentation. With the interest rate currently at 7.1% per annum, it is a good option for those looking for a long-term investment.”
Following is the list of various PPF full forms. It contains various acronyms and their meanings that are important to know.
| Term | Full Form |
|---|---|
| PPF Full Form In Banking | Public Provident Fund |
| PPF Full Form In Post Office | Public Provident Fund |
| PPF Full Form In Economics | Production Possibilities Frontier |
| PPF Full Form In Hindi | पब्लिक प्रोविडेंट फंड |
| PPF Full Form In Income Tax | Public Provident Fund |
| PPF Full Form In Medical | Posterior Pharyngeal Flap |
| PPF Full Form In Car | Paint Protection Film |
| PPF Full Form In Bike | Paint Protection Film |
| PPF Full Form In Computer | Print Production Format |
| PPF Full Form In Salary | Public Provident Fund |
| PPF Full Form In Tamil | பொது வருங்கால வைப்பு நிதி |
| PPF Full Form In Marathi | सार्वजनिक भविष्य निर्वाह निधी |