Public Provident Fund (PPF)
A potent financial instrument that is tuned at savings in general and tax savings in particular, the PPF concept was floated by the National Savings Institute, Finance Ministry of India, in 1968. The PPF scheme offers a plethora of features and benefits that make it a popular option in its class.
- Interest rate of 8.70% p.a is compounded annually.
- Minimum yearly investment of just Rs.500 to a maximum of Rs.1,50,000.
- The maturity period of a PPF account is 15 years. However, this can be extended for upto 5 additional years.
- A maximum of 12 deposits can be made in a financial year. Lump sum payments are also an option.
- Joint accounts aren't possible, plus, PPF accounts cannot be closed before the maturity period.
- PPF accounts can be moved from one bank/post-office to another.
- Accumulated interest is completely tax free.
- PPF accounts save tax under Sec. 80C of the IT Act.
- Applicant can avail loan with the PPF account as collateral from the 3rd financial year.
There are a lot of mutual funds that customers can choose from but some of the best Tax Saver mutual funds in India right now are:
Top 10 Tax Saver Mutual Funds to invest in India for 2016 or Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
Invest in Best Performing 2016 Tax Saver Mutual Funds Online
For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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