5 reasons to open a PPF Account
December 07, 2020
The significance of having a financially secured future could never be emphasised enough. In the recent times, we’ve realised that it helps to have safe investments that you could count on in the face of crisis. Public Provident Fund (PPF) is one of the safe and trusted channels of investment. Here’s why you should consider opening a PPF Account with ICICI Bank at the earliest:
1. It’s a low-risk product
Unlike a lot of investment products, that perform according to the highs and lows of the market, PPF is mostly unaffected by any fluctuations in the economy. Even at times when the economy isn’t at its best, PPF could ensure safe and guaranteed returns. Investment in PPF is backed by the Government and would never result in a default. Thus, opening a PPF Account is an integral step to safeguard your future.
2. It’s a tax-saving instrument
Other than being one of the safest investment avenues, an investment in PPF would also give you triple exemption benefits under Section 80C of the Income Tax (IT) Act, i.e. no tax on investment, returns and maturity, up to an investment of Rs <1.5> lakh. Such a relief from taxation makes PPF a very lucrative option to invest in.
3. You can start small
You don’t need a huge sum of money to enjoy the benefits of investment in PPF. You could open your account with a deposit of Rs <500> and continue with the same amount every year, or increase it as per your convenience. You could choose to deposit a lump sum or make monthly deposits. The flexibility and convenience of investing in PPF is a good enough reason to open a PPF Account right away.
4. There are long-term benefits
Opening a PPF Account means committing to the investment for a minimum of <15> years, after which you could choose to withdraw your lump sum amount or continue investing. This means that your money is secured for a long term and will keep growing for as long as you would want it to. You’re eligible to make partial withdrawals <5> years after opening the PPF Account. PPF is a preferred investment vehicle for a carefree retirement.
5. The process of opening a PPF Account is simple
You need not go through the hassles of visiting banks several times to initiate your investment in PPF. Once you’re an ICICI Bank customer, you could use your login details and fill an online application for opening a PPF Account in a couple of minutes through iMobile app. You could also transfer your existing PPF Account from another bank to ICICI Bank using iMobile, without any hassles.
Thus, safe and guaranteed returns, tax-exemption, convenience of investing, long-term benefits and the simplicity of process are the features that make PPF a popular vehicle of investment. For any queries that you may have while opening a PPF Account with ICICI Bank, please refer to the FAQs. Safeguard your future by opening a PPF Account with us through iMobile. The ease of investing would delight you now and the reward of investing will relieve you in the future.
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