Let me share an interesting episode which happened with one of my friend. One day she had gone to bank for some work, there she met her cousin who had come to open a New PPF Account. My Friend was surprised to know about the new Account and her cousin explained her about PPF Account and its benefits.
To all my uninitiated women-friends, let me give you the Details about PPF Account.
PPF – Stands for Public Provident Fund Account is one of the Tax Saving Option [Supported by Central Govt]. This Account Helps the General Public to rebate of 8% on Income Tax by creating payments to the fund.
- Who can Open: Any Adult [Male/Female] Citizen [Only One Account Can be Opened] themselves Or On Behalf of their minor Children.
- Where to Open: All Branches of SBIs, Post Offices and Selected Branches of other Nationalised Banks.
- Documents Required: Voter’s ID Card, PAN Card, Passport, Ration Card, Driver’s Licences and Two Passport Sized Photographs.
- Procedure: Walk into your nearest SBI Branch or Post Office Ask for PPF Account Opening Form. After filling submit the form along with Required Documents and Remit the Amount. and Walk out with PPF Passbook.
- Amount to be deposited: Rs.500/- [Min] to Rs. 100000/- [Max] Annually. Amount can be Paid Monthly, quarterly, Half Yearly and Yearly. [Note: Online Payment facility is Available].
- Note: Please Deposit the money in the PPF Account before 5th of every month. Then only interest will calculated for the amount deposited in that particular month.
- Term: 15 Years [Note: Account cannot be closed before its maturity].
- Interest Rate: Currently 8% [Change from time to time] And is compounded annually.
- Loan Facility: Available [From 4th to 6th Year]
- Withdrawal Facility: From the 7th Year onwards partially amount can be withdrawn from the Account.
- Tax deductions: Available Under Sec 80C [For Amount deposited and Interest Earned on Amount].
- Account Transfer: Account is Transferable.
For further Details visit
Hope All of You will Open a PPF Account and Starts Saving the Money.