No Interest on EPS (Employee Pension Scheme) I have already mentioned that a part of employer’s share goes into EPS. People usually think that they get interest on entire PF amount contributed by Employee and Employer. But actually this is not true. Contribution to EPS out of Employer Share does not earn any interest. But…
Pension It has already written in one of the previous post that a part of Employer Share actually goes to EPS (Employee Pension Scheme). One can get pension from his/ her provident fund. But there certain conditions which are: He/ She has completed the age of 58. He/ She has been member of EPF for…
Nomination One can avail the facility of nomination while joining the EPF. But in case, it has not been done at the time of joining, one can fill up Form 2 to update/ change the nomination details. In case of death of the person, nominee gets the Provident Fund amount. Insurance Contribution to Employees’ Deposit…
The EPF (Employees’ Provident Fund) is an investment scheme launched by Govt. for salaried individuals and is maintained solely by the Employees’ Provident Fund Organisation of India (EPFO). As per EPF scheme, any establishment having more than 20 employees has to register with the EPFO. Every employee is allotted UAN (Universal Account No.) by EPFO…
Particulars Sukanya Samriddhi Account (SSA) Public Provident Fund (PPF) Who can open Only girl child Indian Citizen Where to open Post office and Authorized Banks Post office, Govt. Banks and some private banks Minimum Contribution per year INR 1,000 INR 500 Maximum Contribution per year INR 1,50,000 INR 1,50,000 Maximum no. of contribution No limit…
You can get the PPF Act, 1968 and PPF Scheme, 1968 from the below link: PPF Act, 1968 PPF Scheme
If 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.
After 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…
Withdrawals 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…
One 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…