Hi, I am planning to invest Rs.6,000/- per year in PPF. Could you please tell me the procedure for opening of PPF account. Also tell me, how much I need to pay per month?
PPF account opening
Hi, I am planning to invest Rs.6,000/- per year in PPF. Could you please tell me the procedure for opening of PPF account. Also tell me, how much I need to pay per month?
You can open PPF Account in your nearest SBI branch or sum nationalised bank like PNB or Post office. PPF has a maturity period for 15 years. Minimum amount to open PPF account is 500. In a year the maximum amount that you can deposit in PPF is 70000 (to get tax rebate) i.e they consider it as a higher limit. If you deposit more than 70000 also no problem. They will not give interest for the amount exceeded Rs. 70000. The amount you invest is compounded annually.
Hope this will help.
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I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.
Rs.6000 per year = Rs.500*12Originally Posted by mintz
You have to invest Rs. 500 per month.
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