Information on PPF account in Indian banks ?
By Ptrikha_2
@ptrikha_2 (49753)
India
November 28, 2009 1:53am CST
Hi All,
I have a query. If we are having PPF account in an Indian bank, do we need to deposit some minimum amount in that PPF Account every year? Or can we skip depositing the amount in some or the other year ?
Regards
-Ptrikha_2
2 responses
@saurabh_rmp (846)
• India
28 Nov 09
I have PPF account in SBI and in SBI minimum amount to deposit every year in 500 Rs
and maximum is 70,000 and all the amount can be deducted from taxabale income.
Also you can't skip deposit in any year.
I don't know about other banks.
1 person likes this
@skkalra (966)
• India
28 Nov 09
Hello
Just for your information or update : The rules or guidelines of PPF accounts are same anywhere and any Bank india, even this account can be opened in Post offices acroos India.So, whether your account is with SBI or any other bank..The Min amount will remain the same i.e., Rs. 500/-..
1 person likes this
@ptrikha_2 (49753)
• India
4 Dec 09
Thanks Saurabh and Skkalra for this information. So, I now know that I cannot skip depositing the money any year.
@skkalra (966)
• India
28 Nov 09
Hello friend
Yes, you must have to deposit the minimum amount every year..means you can't skip depositing the minimum, which is Rs. 500/- to your PPF account...Just to mention..there is maximum limit too : Rs. 60,000/- for general category and Rs.70,000/- for special categories..But anyways. as tax saver its a good scheme but problem is the rate of inertest is not fixed and may change any time....Thanks
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