I was wondering if I am eligible to open an PPF account? I live in the United Kingdom but I still holds an Indian Passport, lived in India for about 17 years or so but then I moved to UK, so was curious?
I was planning to invest 1 lakh in Fixed Deposit for the Tax benefits, but the interest would be taxable in Fixed deposit. Is it better idea to invest that much amount in PPF? How much tax exemption will I get for this amount? Your valuable advise will help me a lot. Thanks in very advance.
Re: Need Advise on Investment
by Deluki on Sep 29, 2012 08:57 PM
The maximum limit for deposit in a PPF a/c is 1 Lakh per annum which comes under tax exemption too as sec 80(c) and the maturity amount is also tax free as per 10(10(D))
I hae opened PPF with post office in my daughter's name who is minor. Whether is it possible to change from my daughter's name to my name. If so what is the proceedure.
Re: maturity amount
by Bharat on May 23, 2012 02:07 PM
Nothing is taxable on maturity with PPF. Neither the interest earned till date of maturity or the principal
There is one repulsive factor about PPF....that it is available only at SBI, where the rush is dreadful at all hours. The procedure is tedious and you have to spend 1-2 hours for one payment or even updation of the passbook. Additional payment options must be made available by the govt.
Re: PPF
by sridharan santhanam on May 23, 2012 01:07 PM
Mr Shukla....what knowledge you have about PPF is wrong.I have it in a post office. It is easy...not at all difficult in any Post office
Re: PPF
by Sameer Bhagat on May 23, 2012 05:10 PM
That is not true...you can open with IDBI bank - a PSU. Even ICICI is offering it. You can keep track of the ppf account on ICICI online as well...although you need to submit a hard copy of the account opening form in the branch.
