Overview of Public Provident Fund
The public provident fund or PPF schemes are a type of small savings schemes that are available in India. The public provident fund schemes are provided by the Government of India and are widely used by employees all over India.Regulations of Opening Public Provident Fund Schemes
There are certain conditions regarding the opening of public provident fund schemes in India. The person who opens a Public Provident Fund has to open it in his own name. He can also open it for a minor who is under his guardianship. The particular individual also has to be a member of Hindu Undivided Family.The Public Provident Fund schemes can be opened at the post offices that have been specified by the respective governmental authority. A few selected branches of the public sector banks can also be availed for opening the Public Provident Fund schemes.
Term Period of Public Provident Fund Schemes
The usual maturity period of the Public Provident Fund schemes is fifteen years. However, the person who has opened the scheme can also run it either by making or not making the required payments. This can be done for periods of five years after the particular account has expired.Nomination Facilities of Public Provident Fund
The Public Provident Fund provides the account holders with a number of advantages that are related to nomination.Regulations regarding Deposits of Public Provident Fund
There are certain regulations that are there regarding the amount of money that can be deposited in the Public Provident Fund accounts. The least amount of money that may be put in a Public Provident Fund in a particular financial year is Rs. 500.The upper limit of money that anyone is allowed to put in the Public Provident Fund is Rs.7000. This is applicable in case of a particular financial year. No one is allowed to make more than twelve deposits in a particular fiscal year.
