Pocket Money - SEBI Investor Awareness Website - Securities and ...

EUREKA'S SOLUTIONSMr. Eureka, the financial wizard keeps meeting people fromdifferent backgrounds and professions. These diverse individualshave different financial needs and aspirations. Mr. Eureka’sjob is to give them the best possible solution. Mr. Eureka doesnot speak too much while giving a solution. He just answersin one or two words and then his assistant elaborates the point.Here are the backgrounds of the different individuals that hehas met over the last week.1. Mr. Amar Verma, a young professional: Works for a private company The company will not offer him a pension after heretires. He wants the investment to be secure and offer hima lumpsum amount after his retirement along with taxbenefits.Mr. Eureka says: PPF is the solution, my friend.Mr. Eureka’s assistant explains:____Features of Public Provident Fund:(1) The scheme is for 15 years.(2) You can invest any amount from Rs.1000 to Rs.70,000per year(3) The interest as well as permitted withdrawals are tax free.(4) Contributions are eligible for deduction from taxable incomeof a person within limits.(5) There are loan facility and partial withdrawal facility availableunder the scheme.72