PPF scheme 2019: Loan against PPF account at 1% and other changes you need to know
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- By Taxmann
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- Last Updated on 28 October, 2020
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December 31, 2019
Naveen Wadhwa, Deputy General Manager at Taxmann.com, said:
“As per the new scheme, the interest rate on the loan taken from PPF account will now be charged at one per cent instead of two per cent earlier. The interest rate will be charged for the period commencing from the first day of the month in which loan is drawn up to the last day of the month in which last instalment of loan is repaid.” He explains this with an example. If an individual is eligible for a Rs 50,000 loan from the PPF account subject to other conditions, then interest on the loan will be charged at the rate of 1 percent per annum. Remember only the interest rate payable on loan taken from PPF account has been revised. Other things have not changed.
Read full article here: Loan against PPF account at 1% and other changes you need to know
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