PPF or Public Provident Fund Account, is a popular long-term investment option in India. Yes Bank offers customers with a secure and tax-efficient savings option through PPF. The PPF account allows individuals to make regular contributions and earn attractive interest rates, with a minimum lock-in period of 15 years.
What makes this so desirable is that the account holders can benefit from tax deductions on contributions and tax-free interest income. Yes Bank PPF account is a popular choice for long-term savings and retirement planning, offering financial security and wealth accumulation opportunities.
The interest rate for a Yes Bank PPF account is subject to change and is typically determined by the bank based on prevailing market conditions and government regulations. PPF accounts generally offer a fixed rate of interest that is compounded annually. The government sets the interest rate for PPF accounts which is announced every quarter.
Here are the highlights of Yes Bank PPF Account:
|Yes Bank PPF Interest Rate
|Minimum Deposit Amount
|Maximum Deposit Amount
|A compulsory lock-in period of 15 years, and it can be extended for an additional five-year period upon completion of fifteen years.
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The eligibility criteria for opening a PPF account with Yes Bank are as follows:
To open a PPF account with Yes Bank, you will typically need to provide the following documents:
The Yes Bank does not currently offer the option to open a PPF account online. However, here is how you can open a Yes Bank PPF account offline:
What are the tax benefits associated with the Yes Bank PPF account?
The interest income earned from a PPF account is completely tax-free, providing account holders with a tax-efficient savings and investment option. Additionally, the contributions made towards a PPF account are eligible for tax deductions under Section 80C of the Income Tax Act.
The expected return on a Yes Bank PPF account after 15 years is approximately 7.1% per annum.
Yes, you can close a PPF account before maturity under specific conditions, such as financial emergencies or medical treatment expenses. However, premature closure is subject to the completion of 5 financial years from the account opening date.
After the maturity of a PPF account, account holders have the option to extend the account in blocks of 5 years, make partial withdrawals, or choose to close the account.
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