What is PPF?

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What is PPF?

PPF (Public Provident Fund) is a tax-free savings scheme offered by Govt. of India. One has to open a PPF account under this scheme and the amount deposited during a year will be claimed under section 80c deductions.


How to open a PPF Account?


PPF account can be opened at Post Office, nationalized banks and also in private banks such as Axis,ICICI bank etc. Now a days one can also open a PPF account online through net banking. Once the account is opened, a passbook similar to bank passbook will be issued to track the transaction records.

Documents Required in order to open a PPF Account are :-

  • Aadhaar Card/Voter Id Card for KYC Verification
  • PAN Card
  • Residential Address Proof.
  • Nominee declaration form.
  • Passport sized photograph.


Eligibility Criteria:-


  • Should be resident of India
  • NRIs not eligible for this scheme however a resident Indian who has become an NRI after opening a PPF account can continue the account till maturity.
  • Joint/Multiple accounts not allowed.
  • Parents can open PPF accounts for their minor children.

PPF Tenure:-



PPF account matures after the completion of 15 years. Up on the completion of 15 years, one can withdraw the entire amount freely and account can be closed.


Interest Rate on PPF Account:-

The current Interest rate on PPF account is 7.1% p.a. (for quarter April 1 2020 to June 2020 , earlier it was 7.9% p.a.) that is compounded annually.


Essential Features of PPF Account:-


  • Investment Limits:- One can invest minimum of 500 rs and a maximum of 1.5 lakh rs for each financial year.
  • Opening Balance:- One can open the PPF account with just rs 100.
  • Deposit Frequency:- Deposit in to PPF account has to be made at least once every year.
  • Risk Factor:- As PPF is backed by Indian Govt. ,the risk involved in holding a PPF account is minimal.
  • Mode Of Deposit:- Either cash,Cheque,Demand Draft or Online Fund Transfer.

Procedure for Withdrawal from PPF Account:-

One can withdrawal amount from PPF by submitting an application for withdrawal in form c with the concerned branch of the bank where once PPF account lies.


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