Difference Between EPF and PPF

PF is the popular name for EPF or Employees' Provident Fund. It is a government established savings scheme for employees of the organised sector. ... PPF or Public Provident Fund is a government-supported savings scheme. It is open to everyone – employed, self-employed, unemployed or even retired.

1. Which is better PPF or EPF?
2. Can I have both EPF and PPF account?
3. Why is PPF not good?
4. Can I transfer my EPF to PPF?
5. How can I check my PPF balance?
6. Can we take loan against PPF?
7. Which bank has highest PPF interest rate?
8. Can I invest more than 1.5 lakhs in 80C?
9. Is EPF tax free?

Which is better PPF or EPF?

The major benefit of investing in these plans is that you can start with a small amount of savings and end up earning a huge corpus of wealth when you retire. Before you invest in either EPF or PPF, it is important you know about these plans.
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EPF vs PPF.

Can I have both EPF and PPF account?

However, tax experts have clarified that there are separate limits for EPF/VPF and PPF i.e. contributions to PPF and EPF/VPF will not be aggregated for the purpose of calculating the Rs 2.5 lakh limit.

Why is PPF not good?

One major disadvantage of PPF is that electronic means of encashing or using technology is not available. Reasons why you should invest in PPF now: 1. Offers high-interest rates – Currently, PPF offers interest rates at 7.1 per cent, which is higher compared to interest rates offered by banks on their FDs.

Can I transfer my EPF to PPF?

you can't transfer your PF account to PPF account because both are different you can transfer you account to your old PF account to new PF account :) through www.epfindia.com/ While changing jobs and joining a new employer, an employee has an option to close the old PF account and open a fresh one.

How can I check my PPF balance?

Step 1: Visit ICICI Bank's online portal and Fill online form for PPF account. Step 2: View your PPF account under “My accounts” section. Step 3: Transfer funds from your linked savings bank account. Step 4: You can view and print a mini statement of your PPF account.

Can we take loan against PPF?

You can get a loan from the third year and till the sixth year after opening the PPF account. The amount of loan is limited to 25% of the balance that stood in the PPF account of the person at the end of 2nd year or the year preceding the year in which loan has been applied.

Which bank has highest PPF interest rate?

Banks offer PPF accounts at the rate fixed by Indian Government. Current PPF interest rates offered by SBI, ICICI and all banks is 7.10% as applicable from 1st April, 2021.

Can I invest more than 1.5 lakhs in 80C?

Your total investment upto 1.5 lakhs will only be allowed as deduction u/s 80C. The additional contributions do not have any problem from tax point of view, except that you cannot claim deduction u/s 80C on them.

Is EPF tax free?

Employee contributions to the EPF and interest* are tax-free. Section 80C allows for a tax deduction up to a limit of 1.5 lakhs. If an employee receives interest on a contribution to the EPF or similar funds of more than Rs 5 lakh per year, he or she will have to pay tax if the employer does not contribute.