Table of Contents
Is Provident Fund mandatory for government employees?
Also, government employees must contribute a certain portion of their salary to subscribe to GPF. After the continuous service of one year, all the temporary government employees, all the permanent government employees, and all the re-employed pensioners are required to subscribe to the fund.
Is govt employee eligible for PPF account?
GPF and PPF eligibility: Both salaried and self-employed individuals can invest in PPF while only government employees can invest in GPF. Government employees who are residents of India can invest in GPF, only if they have joined the service before 1 January 2004. 1.5 lakh can be deposited in a PPF account in a year.
Is it mandatory to contribute to PPF every year?
You must contribute at least Rs 500 and at most Rs 1.5 lakh in your PPF account in a year. The minimum investment of Rs 500 has to be maintained even for accounts extended beyond 15 years. If you don’t put in minimum Rs 500 a year, the account becomes dormant.
Is PAN card mandatory for PPF account?
Documents Required for PPF Account Self-attested photocopy of Signature Proof Document(s) – PAN, Driving License, Voter ID, etc. In case of minor PPF account, KYC documents and a photograph of parent/guardian is required along with age proof document of the minor (Birth Certificate/School Leaving Certificate).
Is it necessary to make the compulsory for all employees?
The mandatory issuance of an appointment letter is intended to ensure that the tenet of employer-employee relationships is recorded in writing for all employees including those in the unorganized sector. Currently, there is no central law that prescribes the requirement of a written appointment letter.
How to open a public provident fund (PPF) account?
You can open a PPF account online at the nationalized public sector banks in India, at the post offices, and at other financial centres like the private banks. You will have to submit the relevant and desired documents, the initial amount, and will also have to fill and submit the relevant form, for the purpose.
What are the documents required to open a minor PPF account?
In case of minor PPF account, KYC documents and photograph of parent/guardian is required along with age proof document of minor (Birth Certificate/School Leaving Certificate). You should carry the original documents when you visit the bank branch/post office for completing the account opening process.
Who can open a PPF account in India?
Indian citizens can open a PPF account. The account can be opened by individuals only. A person cannot open more than one account. A minor can open an account, in which case it will be operated by the parent or guardian. The minor will be able to operate the account after attaining 18 years of age.
What is the passbook of PPF?
The passbook contains information such as the name of the account holder, the account number, photograph and the balance. It will have the information about the bank or post office. The transactions made in the PPF account will be updated in the passbook.