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Can private employee open PPF?

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Can private employee open PPF?

PPF or Public Provident Fund is a government-supported savings scheme. It is open to everyone – employed, self-employed, unemployed, or even retired. It is not mandatory and anyone can contribute any amount to the PPF subject to a minimum of Rs 500 and a maximum of Rs 1.5 lakh per year.

What happens if you open two PPF?

There may be a situation where the deposits made in the multiple PPF accounts together exceed the prescribed limit. In such a situation, the excess amount breaching the prescribed deposit limit in the PPF accounts will be refunded to the individual after the merger of the account.

Can I close my PPF account and open a new one?

Since a person is not allowed to have more than one PPF account at a time, there should not be any problem for you in opening another PPF account after you have closed your existing one.

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How does pf work in private company?

The employees who fall under the EPF scheme make a fixed contribution of 12\% of the basic salary and the dearness allowance towards the scheme. Out of the 12\% contribution, 8.33\% goes towards the Employee Pension Scheme Account, and the remaining 3.67\% goes to the employee EPF account.

Who can open a PPF account?

Eligibility: Any Indian citizen can open a PPF account either in his own name or on behalf of a minor. But, you can’t open a joint account or one for a Hindu Undivided Family (HUF). Also, an individual can have only one account in his name.

Can I break my PPF account before 15 years?

The maturity time in case of Public Provident Fund is 15 years. However, an account holder can close his or her account before the maturity period. According to the PPF withdrawal rules, any account holder can close the account given that specific terms and conditions have been fulfilled.

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What is minimum pension in private sector?

The Parliamentary Standing Committee on Labour recommended the minimum pension to be raised to ₹3,000 from ₹1,000 currently.

Can private employee get pension?

The apex court has asked the EPFO to provide pension to private sector employees in proportion to their full salary. Earlier, EPFO was providing pension calculated on the salary of the employee with a maximum cap at Rs. 15,000. Now that the cap of Rs.