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Public Provident Fund (PPF)

PPF is one of the best ways for making provisions for old age. It has inherent security and has following advantages.

  1. Freedom to deposit amount any time in the year.
  2. freedom to deposit any amount within limits meaning installments are not fixed and the amount can vary from year to year.
  3. Income tax benefit for the entire deposits.
  4. No income tax on interest accrued.
  5. Loan and final withdrawals available after certain period.
  6. Account can be extended for 5 years after initial period of 15 years.
  7. Annual interest can be withdrawn within specified limits once annually for your day to day requirements.

There are limitations too. These are,

  1. There is no insurance cover.
  2. Large amount is available only after closing the account.
  3. Annually certain minimum amount must be deposited every year to keep the account alive.
  4. A separate provision is needed to take care of high expenditure like medical treatment, marriages etc.

This method of savings is good for taking care of day to day expenditure during old age. For example, if one decides to start depositing Rs. 70000.00 per annum (in the beginning of the financial year) at start of the career with present interest rate of 8% per annum deposit will swell to Rs. 47.04 lakhs and can withdraw Rs. 3.76 lakhs annually after 30 years. These figures after 35 years would be Rs. 59.78 lakhs and Rs. 4.78 lakhs after 35 years and Rs. 73.92 lakhs and Rs. 5.91 lakhs after 40 years. Based on present day prices the money available would be adequate. However, considering inflation savings need to increase with time.

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