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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
| Axis Nifty 50 Index Fund | +32.80% | Invest Now | Equity: Large Cap | 0.12% |
| Axis Nifty 100 Index Fund | +38.59% | Invest Now | Equity: Large Cap | 0.21% |
| Axis Nifty Next 50 Index Fund | +71.83% | Invest Now | Equity: Large Cap | 0.25% |
| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
| Axis Nifty Midcap 50 Index Fund | +46.03% | Invest Now | Equity: Mid Cap | 0.28% |
What is the maximum contribution limit for PPF accounts?
Deposits in a PPF account can range from ₹500 to ₹1.5 lakh per financial year. Contributions can be made either as a lump sum or in instalments, with no restrictions on the number of instalments within a year. The minimum deposit required to keep the account active is ₹500 annually. Failure to make this minimum deposit leads to the account being discontinued. To reactivate it, a penalty of ₹50 is levied in addition to the ₹500 minimum deposit.
On the other hand, the maximum limit for PPF accounts is ₹1.5 lakh per fiscal year.
How the PPF account works
PPF contributions are eligible for tax benefits under Section 80C of the Income Tax Act. The deposits made into the account are tax-free up to the prescribed limit. Additionally, the interest earned on the account is exempt from tax, making it an attractive option for long-term savings
.
The interest rate on PPF accounts is currently set at 7.1% per annum and it is compounded annually. PPF account holders can also get loan facilities against the balance in their accounts, subject to specific terms and conditions. Partial and premature withdrawals are also allowed under certain circumstances, although they are subject to restrictions during the early years of the tenure.
At the end of the 15-year term, account holders have the option to extend the account for another five years, with or without making additional contributions. Alternatively, the account can be closed, with the accumulated balance being paid out.
Prerequisites for opening a PPF account
To open a PPF account, individuals can visit authorised banks or post offices. Some of the major banks providing this facility include State Bank of India, Punjab National Bank, ICICI, HDFC, and Axis Bank.
The process requires the submission of a duly filled application form along with Know Your Customer (KYC) documents such as Aadhaar, Voter ID, or Driving License, proof of residential address, a nominee declaration, and a passport-sized photograph.
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