Budget 2014: Finance Minister Arun Jaitley Raises PPF Ceiling to Rs. 1.5 lakh

Finance Minister has enhanced the Public Provident Fund (PPF) ceiling from current Rs. 1 lakh to Rs. 1.5 lakh in a financial year. PPF is one of the most popular tax-saving schemes.
PPF accounts can be opened in a post office or designated bank branches. The interest rate on the PPF is linked to the market.
The PPF corpus is tax-free at all three stages. The investment is eligible for tax deduction under Section 80C. The interest earned is also tax-free, and so are withdrawals.
A PPF account matures in 15 years, but you can extend the tenure in blocks of five years after maturity.

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