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What is the main purpose of the Public Provident Fund (PPF)?

To provide short-term loans

To encourage small savings and provide long-term investment returns

To facilitate daily transactions

To fund entrepreneurial ventures

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What is the current interest rate offered on PPF investments?

6.5% per annum

7.1% per annum

8.0% per annum

Variable, depending on market conditions

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When can an individual make a partial withdrawal from their PPF account?

After 1 year from account opening

After 3 years from account opening

After 6 years from account opening

Only after the account matures

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What is the maximum percentage of the accumulated corpus that can be withdrawn partially from a PPF account?

25%

50%

75%

100%

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What is the key requirement for extending a PPF account with additional contributions?

Submitting Form H within one year of the original maturity date

Making a minimum additional contribution of Rs. 10,000

Maintaining a minimum balance of Rs. 50,000

No specific requirements, automatic extension is available

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Which of the following situations allows for premature closure of a PPF account?

Purchasing a new vehicle

Funding a wedding

Financing a child's higher education

Starting a new business

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What is the tax implication on withdrawals from a PPF account?

Withdrawals are taxed at the individual's income tax slab rate

Withdrawals are subject to a 10% capital gains tax

Withdrawals are exempt from taxation

Tax implications depend on the withdrawal amount

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How can an individual apply for a withdrawal from their PPF account?

Through online banking platforms

By submitting Form C at the respective bank branch

By contacting the National Savings Institute directly

Withdrawals can only be made after account maturity