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Taha B | What is the difference between the provident fund account & saving bank account? |
what is the difference in provident fund account (ppf) as compared to saving bank account? if i invest my money in provident fund account can i withdrawl the money any time i want and would it be profitable as compared to saving bank account? |
 |
 
Uva
|
A provident fund is designed to protect employees in case of resignation, retirement, disability or death. The fund is composed of savings contributions taken from employees’ salaries as well as other contributions from employers, and the benefits the fund creates through its investments. Many companies offer a provident fund to their staff as part of a range of benefits to attract and retain staff.
Once registered, the fund will be legally defined as a separate legal entity. When the provident fund starts, a portion of employees' salaries will be deducted and channeled into the fund. Employers can also contribute an amount which is equal to the employees' contributions or higher. The funds contributed is owned by all registered members. Since the provident fund is strictly regulated by the Securities and Exchange Commission (SEC), the fund manager has to invest all of the money in compliance with the law as defined in the Provident Fund Act.
Employees can get the total amount of their contributions upon their resignation or retirement under the conditions fixed by law. In case of disability or death, employees will received the funds according to the policy.
Provident funds are voluntarily set up by employers and employees to provide employees peace-of-mind during difficult times. On the other hand, social security payments are compulsory. Both the company and its employees as well as the government have to pay their contributions. Employees can claim the total amount of their contributions under the conditions fixed by law. |
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HARI KUMAR
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PROVIDENT FUND is meant to help you in any calamity caused by PROVIDENCE (means GOD). It cannot be used for buying car or going to Kashmir, as is usually done. SB Account is your own money , you can withdraw at any time and launder or squander. |
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soorya
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ppf is something wherein each month a specific amount of salary is diverted towards provident fund by the employer in d job whr u r workin and u can receive d whole lumpsum amount at d time of leaving d job or at d time of retirement. whereas savings accnt is ur personal bank account wherein u can add or withdraw money frm it anytime u need dem.... |
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njain68
|
PPF accounts are opened in the SBI or post office where one can despoist money . The max. one can desposit is 70000 p.a. the rate of instrest is higher . The account has be work for 15 years. |
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gemini0903
 |
Originally the PPF PUBLIC PROVIDENT FUND meant a direct deduction from pay that would go to the special fund. Then was brought in CONTRIBUTORY PROVIDENT FUND, wherein there is a certain percentage that is cut from the employees pay that goes into the fund and there is an equal contribution from the employer. The purpose of both is that it holds money in safest method of deposit though the interest as return is not that high.
It enabled the contributor to take loans and repayments were not levied enormous interest rates. This assisted the average man for whom running the family was a big burden. Also, investment in this acount was exempted from taxation.
Then came the time to think of those who are not in India but who have income sources in India. they can deposit any specific amount of their choice each year to keep the account active. These non-residents will be taxed if the income gnerated wihtin India is above the cut- off mark for taxes. This is a good place to invest to avoid taxes. There is PRovident Fund acounts set-up in SBI as well. Not just established by employers or companies
In any case there is no cheque facility given but only a passbook to show record of debits and credits and interest.
A savings bank account is that which is opened in banks, post offices and instruments are given called cheques that will let you take out, deposit or transfer money from your personal account. A pass book will be issued to let you view all ur transactions
While in a savings bank account you can withdraw after a deposit with no waiting period, in a PF account, there is a wait for a specific period initially before you can take money but this is considered as a loan. And if you wish you can put back the money. In a savings bank account you do not need to put backt he money that you have withdrawn |
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reeta
|
there are 2 kinds of pf
employers pfand employees pf
employyees pf ac is the ac created by the co where u r working
they take some amount or percentage from your basic salary every month and they contribute the equal amout from their end to the ac
and you get the whole amount in lumsum when u leave the co
whereas the saving bank ac is something where u can deposit money and withdraw money at any point of time |
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Burjor T
|
PPF Account with Bank is certainly beneficial (fetching higher rate of interest than Savings Account). In savings account, you can withdraw money, but in PPF account, you cannot withdraw money and the maximum amount you can deposit is Rs.70,000 in one year. Each financial year (April - March) you will be required to put some amount (I think minimum is Rs.1,000) in PPF account for 15 years. After this period, you can withdraw entire amount along with interest.
Trust I have been of assistance to you. |
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dolly blaine
 |
A provident fund is designed to protect employees in case of resignation, retirement, disability or death. The fund is composed of savings contributions taken from employees’ salaries as well as other contributions from employers, and the benefits the fund creates through its investments. Many companies offer a provident fund to their staff as part of a range of benefits to attract and retain staff.
Once registered, the fund will be legally defined as a separate legal entity. When the provident fund starts, a portion of employees' salaries will be deducted and channeled into the fund. Employers can also contribute an amount which is equal to the employees' contributions or higher. The funds contributed is owned by all registered members. Since the provident fund is strictly regulated by the Securities and Exchange Commission (SEC), the fund manager has to invest all of the money in compliance with the law as defined in the Provident Fund Act.
Employees can get the total amount of their contributions upon their resignation or retirement under the conditions fixed by law. In case of disability or death, employees will received the funds according to the policy.
Savings Bank Accounts are meant to promote the habit of saving among the citizens while allowing them to use their funds when required. The main advantage of Savings Bank Account is its high liquidity and safety. On top of that Savings Bank Account earn moderate interest too. The rate of interest is decided and periodically reviewed by the Government of India. Presently, the rate of interest is 3.5% compounded half yearly.
Savings Bank Account can be opened in the name of an individual or in joint names of the depositors. Savings Bank Accounts can also be opened and operated by the minors provided they have completed ten years of age. Accounts by Hindu Undivided Families (HUF) not engaged in any trading or business activity, can be opened in the name of the Karta of the HUF. |
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R.R.CHAUDHARI
 |
Can I open P.P.F.account in S.B.I. and Post Office.And Difference between H.U.F.ACCOUNT OF P.P.F. AND sINGLE aCCOUNT OF P.P.F.Please Advise in the matter |
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