Public Provident Fund - PPF

[Jesse]

Great info though I have read many pages but I still have a question.

I open a PPF a/c in my name & deposit 70000/- per year & get 20% rebate on tax
Can I open another a/c in name of my 2 minor children & deposit additional 70000+70000 per year in their a/c & get additional tax saving benefits while filing my return?

should have read all the pages before posting, post no. 54 answers my question

Let's say you open an account for your minor child. You can deposit Rs 70,000 in your account and Rs 70,000 in your child's account. But you will only get the tax benefit on Rs 70,000.

Just because you have one account for yourself and one for your child, it does not mean the tax benefit is doubled. The limit is the same -- Rs 70,000 -- irrespective if it all goes in your account or is divided between your account and your child's account.

 

[manindra10bharadwaj]

private pension funds by banks such as icici, axis ,hdfc

I want to know that apart from government pension funds who all can invest in private pension funds.

Can anyone tell me clients for private pension fund in mumbai, it will be very greatful as i m doing a project on marketing of pension fund of a private bank in mumbai.

 

[vijayvaliya]

Re: private pension funds by banks such as icici, axis ,hdfc

I want to know that apart from government pension funds who all can invest in private pension funds.

Can anyone tell me clients for private pension fund in mumbai, it will be very greatful as i m doing a project on marketing of pension fund of a private bank in mumbai.

Is your question is about who can subscribe to a private pension fund? or is it about potential clientile for pvt. pension funds? or is it about the where these funds can invest money?

 

[manindra10bharadwaj]

help regarding project on" marketing treasury products to pension funds, insurance

Hello

Thanks for the reply my question are as under:-
I m doing my summer project and i want to know following two things:-

1.Potential clientsfor private funds, only institutional investors in mumbai.

2.And where privatepension fundslike icici, hdfc,axis can invest money in pension funds.

your suggestions will be valuable for my research report
Thanks
Regards
Manindra Bharadwaj

 

[vijayvaliya]

Re: help regarding project on" marketing treasury products to pension funds, insuranc

Hello

Thanks for the reply my question are as under:-
I m doing my summer project and i want to know following two things:-

1.Potential clientsfor private funds, only institutional investors in mumbai.

2.And where privatepension fundslike icici, hdfc,axis can invest money in pension funds.

your suggestions will be valuable for my research report
Thanks
Regards
Manindra Bharadwaj

You need to do some ground work in this. Please contact some ppl in pension funds to know the exact proportion in which they can invest, in different kind of assets, which largely regulated by PFRDA

 

[URPradhan]

I work in pvt sector and I have changed 3/4 companies in my career. Initially I was opting for PF a/c transfer but it took 3 years (OMG, Can you believe it ?) because of inter-state transfer. Now again i have changed my company and do not want to transfer the PF to new company. So I want to withdraw the amount. hence, my queries are ...

1. Where should i apply for PF withdrawal ? in my previous company or directly at local PF office ?
2. Will there be any TAX imposed on the withdrawal ? If yes, how to avoid that ?
3. How much time again it will take to get the actual money in bank a/c ?
4. How PF office will send that money to me ? Either through check/direct credit to bank/ etc ... ?

Thank you.

 

[vijayvaliya]

I work in pvt sector and I have changed 3/4 companies in my career. Initially I was opting for PF a/c transfer but it took 3 years (OMG, Can you believe it ?) because of inter-state transfer. Now again i have changed my company and do not want to transfer the PF to new company. So I want to withdraw the amount. hence, my queries are ...

1. Where should i apply for PF withdrawal ? in my previous company or directly at local PF office ?
2. Will there be any TAX imposed on the withdrawal ? If yes, how to avoid that ?
3. How much time again it will take to get the actual money in bank a/c ?
4. How PF office will send that money to me ? Either through check/direct credit to bank/ etc ... ?

Thank you.

1. You need to have the account tranfered to your current co.
which account your current credits to PF going?
which city you are currently in ?

2. PF withdrawals for certain purposes are fully exempted from tax,

You need to talk to the PF office in your city to know the modalities
it takes sometime (few weeks to 2-3 months depending on your follow up)
4. generally through cheque

 

[URPradhan]

1. You need to have the account tranfered to your current co.
which account your current credits to PF going?
which city you are currently in ?

2. PF withdrawals for certain purposes are fully exempted from tax,

You need to talk to the PF office in your city to know the modalities
it takes sometime (few weeks to 2-3 months depending on your follow up)
4. generally through cheque

# Every company has their own PF numbers for each employee. So when you change a job, you have to either apply for transfer of your previous PF a/c to your new PF a/c OR you can withdraw/close the PF in previous company. So as i have already experienced the 3yr gap for PF transfer from one a/c to another, I'm now opting for withdrawal/closure of my previous PF a/c

# Now in my present job, my company crediting my PF contribution to a new PF a/c

# I heard if applying for complete withdrawal/closure after 2 months, then there will NO tax deducted. So its better/wiser to apply after a 2 months gap

 

[assuin]

Thanks for the advice

 

[skillguru]

Re: Who can open a Public Provident Fund PPF account?

Who can open a Public Provident Fund PPF account?

NRIs who wish to avail of rebate on their income in India are also eligible to open a PPF account. Subscriptions, however, will have to made from their NRO account on a non-repatriable basis.

What is mean by NRO account on non-repatriable basis ?

Can a PPF account be also opened in name of minor ?