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The Public Provident Fund (PPF) is a voluntary savings-cum-tax-reduction social security instrument in India,[1] introduced by the National Savings Institute of the Ministry of Finance in 1968. The scheme's main objective is to mobilize small savings for social security during uncertain times by offering an investment with reasonable returns combined with income tax benefits.[2] The scheme is offered by the Central Government. Balance in the PPF account is not subject to attachment under any order or decree of court under the Government Savings Banks Act, 1873. However, Income Tax & other Government authorities can attach the account for recovering tax dues.[3]
The 2019 Public Provident Fund Scheme, introduced by the Government on 12 December 2019, resulted in the rescinding of the earlier 1968 Public Provident Fund Scheme.
- ^ "PPF rate to fetch 7.6%: Why it is still a winner". The Times of India.
- ^ "PPF Scheme". Retrieved 20 October 2014.
- ^ "Tax Laws & Rules > Rules > Public Provident Fund Scheme, 1968". www.incometaxindia.gov.in. Retrieved 18 July 2020.