Back in 1968, the Ministry of Finance (MOF) in India announced a tax-free saving Boulevard called The Public Provident Funds (PPF) Scheme, 1968. The scheme offers interests to individuals that are not taxable. Moreover, these deposits help you get tax deductions. This system was introduced with the view to boost savings by the Indians and have a good retirement amount. The scheme works by placing funds in PPF account for a fixed period of time ending up earning adequate returns on savings.
You can contribute to PPF account and get tax benefit under the Section 80C of the Income Tax Act. Any interest earned is exempted from income tax. The maturity proceeds are also exempted from tax.
PPF is one of the optimum ways to save for your retirement and enjoy a happy future.
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