How to add, change nominee in PPF account online
Incase you want to add your wife's name or update it with another name, you can do so by filling out the required form, signing it, and submitting it to the bank or post office where your PPF account is being managed. If there are multiple nominees in the account, you must specify the percentage of shares to which each nominee is entitled in the event of the account holder's death. The Form F must be obtained from the bank or post office where the PPF account was opened as the initial step. Complete this form with the accurate information and submit it to the relevant bank or post office. After the form has been submitted, the nomination may be modified.PPF features
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PPF offers a 7.1% interest rate for the July-September 2023 quarter, which is totally tax-deductible under Section 80C. Its tenure is 15 years. A minimum of Rs. 500 and a maximum of Rs. 1,50,000 investment is allowed in a financial year. A penalty of Rs. 50 will be applied for each financial year in which the required minimum deposit of Rs. 500 is not made. PPF may be transferred from one bank or post office to another. Loan facility can be availed any time between the third financial year to sixth financial year i.e. From third financial year up to end of fifth financial year.Exempt-exempt-exempt tax status Not many assets enjoy the triple income tax exemption that the Public Provident Fund (PPF) does. At the time of investment, accrual, and withdrawal, taxes are exempt. The Income-tax Act of 1961's Section 80C allows for a deduction of up to Rs. 1.5 lakh for investments made in each fiscal year. Each year's interest is likewise exempt from taxes. Last but not
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