NPS is a pension scheme introduced by Govt. of India on 1st Jan-2004. This pension scheme is regulated by PFRDA (Pension Fund Regulatory and Development Authority). Initially, NPS was introduced for the new government recruits (except armed forces). National Pension System was extended to all citizens of India on a voluntary basis on 1st May-2009.…
DetailsYou can get the PPF Act, 1968 and PPF Scheme, 1968 from the below link: PPF Act, 1968 PPF Scheme
DetailsGovt of India has changed the name of Planning Commision to NITI Aayog. NITI stand for National Institution of Transforming India. It can be considered as replacement of Planning Commission by NITI Aayog. Press Release by Govt. is as follows: Press Information Bureau Government of IndiaCabinet 01-January-2015 18:24 IST Government constitutes National Institution for Transforming…
DetailsCREDIT INFORMATION BUREAU (INDIA) LIMITED (CIBIL) is an Indian credit rating agency. It provides credit rating score between 300 to 900 related to the credit and financial health of an organisation or individual. This score is based on credit history of the person. CIBIL produces a report called Credit Information Report (CIR) based on the…
DetailsIf anyone makes default in depositing minimum contribution amount (INR 500 every year), account become inactive. To activate the account, that person needs to deposit INR 50 as fine and INR 500 as subscription amount for every year for which that person has made default. Please note deactivated accounts do not earn any interest.
DetailsAfter 15 year, following options are available to the subscriber (account holder): Individual can withdraw 100% of amount including interest and close this account. Amount received will be 100% tax free including interest amount. Individual can extend the PPF account by another 5 years for unlimited number of times. There are two options available in…
DetailsWithdrawals from PPF permitted subject to the following conditions: Withdrawal can be from the end of 6th Financial Year. Maximum amount which can be withdrawn is limited to 50% of the amount appearing in the account at the end of 4th year preceding the year in which the amount is withdrawn or the end of…
DetailsOne can avail loan on PPF subject to certain terms and conditions: One can avail loan from 3rd Financial Year to 5th Financial Year. Interest rate charged is 2% more than the prevailing interest year. Loan is to be repaid within 36 months. Maximum 2 nos of loans can be availed. 2nd loan can be…
DetailsPPF stands for Public Provident Fund. As an investment option, this is mostly preferred by the individuals for saving tax. But this is good option for those as well who are not liable to pay tax. This works as per PPF Act, 1968.PPF has the following features: This account is opened for 15 years. This…
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