Public Provident Fund double Interest Rate: You can get double benefit and returns from PPF investment. Actually, it is possible. For this, you can take advantage of investing in PPF for yourself, while opening a PPF account in the name of your partner can also take advantage of the best returns.
New Delhi: Better returns can be achieved by investing in Public Provident Fund (PPF). But, do you know that you can get double benefit and return (PPF Double Interest Rate) from PPF investment. Actually, it is possible. For this, you can take advantage of investing in PPF for yourself, while opening a PPF account in the name of your partner can also take advantage of the best returns. In this way, you can get more than double the amount invested at the time of maturity.
PPF investors get the benefit of tax exemption along with excellent interest rate. The specialty of investing in PPF scheme is that on this you also get a government guarantee for fixed returns. Along with this, the amount invested in PPF, interest rate and maturity amount all three are completely tax free. That is why investing in PPF is the preferred scheme for most of the investors.
How to get double investment in PPF scheme
Investors can use PPF as another investment option by opening a PPF account in the name of their life partner to earn guaranteed double returns through PPF investments. In such a situation, you will have two options for investing in PPF. You will be able to deposit Rs 1.5 lakh in your account and Rs 1.5 lakh in the account opened in the name of your partner. In this way, you will get different interest on both the accounts. At the same time, you can also take tax exemption up to Rs 1.5 lakh on any one account. In this case, the investment limit of your PPF investment will double to Rs 3 lakh.
The amount of both PPF accounts will be tax free
Under Section 80C of Income Tax, tax exemption of up to Rs 1.5 lakh is available for investing in PPF. When you deposit the amount in the PPF account opened in the name of your partner, both your accounts will remain tax free. Because, the clubbing provisions have no effect on investing in PPF.
You can get more than 14 percent interest rate on PPF account
The central government is giving 7.1 percent interest rate for the April-June quarter on the PPF scheme. In such a situation, married couples can earn more than 14 percent interest rate by investing in two PPF accounts. The corpus available on maturity of both the accounts would have increased manifold.
