The Public Provident Fund (PPF) is a long-term small savings scheme introduced by the Government of India in 1968 to encourage household savings and provide old-age income security. It is governed by…

Question

The Public Provident Fund (PPF) is a long-term small savings scheme introduced by the Government of India in 1968 to encourage household savings and provide old-age income security. It is governed by the Public Provident Fund Act, 1968, and administered through post offices and authorized banks. A PPF account can be opened by resident individuals, including minors through guardians. The scheme has a lock-in period of 15 years, with an option to extend in blocks of 5 years. Consider the following statements regarding PPF: 1. Partial withdrawals are permitted only after the completion of 15 years. 2. The maximum loan amount is restricted to 25% of the balance available at the end of the second year preceding the year of application. 3. The minimum annual investment required to keep the account active is ₹500. 4. If a subscriber fails to deposit the minimum amount, the account is discontinued and the balance is forfeited by the government. Choose the correct option:

PYQPulse · Accepted Answer

B. 2 and 3 only

Answer: B. B. 2 and 3 only

Answer: B. B. 2 and 3 only