Even if one does not need it or have no intention of putting his money in PPF account, you should learn the things about this wonderful product as one such long-term safe investment option that would suit also investors who believe investing only in equity funds. This is money that will be yours forever and it helps your psyche of investing into something that offers “Guaranteed” returns.
If at any time it is discovered that you have more than 1 account in your own name or on behalf of minor whom you are a guardian and its combined limit exceed Rs1 lakh in a year, account will be deactivated as the case may be, and only your principal will be returned to you. No interest will be paid on that accounts. Hence, an individual is only allowed to open the PPF account. While earlier an HUF could open a PPF account and save tax on the deduction, this has, now been stopped.
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