All subscriptions made under section 4 of Public Provident Fund Act shall bear interest at such rate as may be declared by the Central Government in the Official Gazette. Subscription to the Public Provident Fund scheme qualify for deduction from the taxable income of the investor for income tax purpose within limits laid down under section 80-CC of the Income Tax Act. ![]() To know more about SBI Current Account Public Provident Fund Act, 1968Īs per the Public Provident Fund Act, 1968, the interest rate is compounded annually and fixed by the Ministry of Finance, Indian Government. In this article, we look at the procedure for opening of SBI Public Provident Fund Account in detail. A PPF account is a long-term investment option that can be opened by individuals to build an investment corpus with tax benefits. SBI’s Provident Fund Account facility enables the investors to gain tax benefits with a reasonable interest over a period of time. Public Provident Fund (PPF) Scheme is a statutory scheme introduced by the Central Government of India to mobilise small savings. State Bank of India (SBI) is India’s largest state-owned public sector banking company that offers services with respect to Public Provident Fund Scheme as part of SBI internet banking. ![]() Learn » Banking » SBI PPF Account SBI PPF Account
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