Public Provident Fund (PPF) is a savings scheme started by the Government of India through India Post. The investment under these schemes is deductible from the total tax liability under Section 80C of the Income Tax Act. To invest smartly and be in the know of the benefits one can use the ppf calculator. The ppf maturity calculator and the ppf return calculator are useful in making an informed savings decision.
It is offered by the Public Sector Banks as well as private banks.
Due to the ability to open a PPF Account with a minimal deposit, the scheme has gained popularity with the investors. You can deposit funds in the PPF through various means, such as cash, cheque, or online transfers. If you have a savings account, you can transfer funds directly from it.
7 Major Banks Offering PPF Account Services
Many banks are offering PPF Services. The 7 major banks which are offering them are as follows:
- State Bank of India and its subsidiaries include State Bank of Travancore, State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Patiala, and State Bank of Jaipur.
- Bank of Baroda
- HDFC Bank
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- Punjab National Bank
Opening a PPF Account
There are two ways to open a PPF Account: Offline or Online.
To open your PPF Account offline, you will need to visit your bank branch. You will need to fill the application form and submit your documents for the KYC. This includes your Aadhar Card, PAN Card, other address, and age proofs. You will need to submit your photographs as well. Once your application is approved, you will need to deposit the minimum amount to open your account.
Through the online method, you can open your account without visiting the bank branch. You can fill the application form online and submit all your KYC documents, photographs, and other required documents. After your application is verified and accepted, you can deposit the amount online.
Many leading banks such as SBI, ICICI Bank, HDFC Bank, Axis Bank, etc., offer this facility.
Eligibility for PPF Account
To be eligible for availing a PPF account,
- The person has to be a Citizen of India
- The person has to be of 18 years or above
- A person can open only one account in his/her name
- Parents/Guardians can open an account for their wards under 18.
Other important facts about PPF
- The maximum amount that can be invested under this scheme in a financial year is ₹1,50,000.
- The minimum amount to be invested in each financial year is ₹500.
- You can start your investment with a minimum deposit of ₹100. The maturity period for the deposits is 15 years.
Public Provident Fund is a great way to start saving and earn interest through small amounts of deposits. PPF will help you accumulate sufficient savings for your future. You can use several calculators to smartly invest in the PPF. CRED offers PPF Calculator, PPF Maturity Calculator, and PPF Return Calculator.