Business Services-1 — OCM STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceOCMBusiness Services-13 Marks
Question
Give information about public provident Found scheme of post Department .
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Answer
Any person can open the account related to public provident fund in a post office, In this account $D$ $500$ yearly is to be subscribed. At present yearly maximum $D$ $1,50,000$ are deposited in this account. Its time period is $15$ years.
After $15$ years the amount of this account is given back with interest to the account holder. The amount of subscription is deducted from income tax.
If the account holder dies before stipulated time , the amount is given to the nominee whose name has registered as successor.
As per new current rule after the stipulated period is over, account can be extended to $5$ more years on application. It can be extended for as many times as you wish.
This account can not be closed before stipulated period.
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