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Open PPF Account Online: The biggest advantage of investing in Public Provident Fund i.e. PPF is that apart from high returns, the invested capital is guaranteed by the government itself. Hence PPF has become one of the most popular savings schemes in India. If you also want to open an account in PPF, then now you do not need to go to bank or post office. You can open PPF account online even sitting at home.
The biggest advantage of PPF account is that both the interest received on it and the maturity amount are tax free. The maturity period of this scheme is 15 years, which you can extend.
Any Indian citizen can open a PPF account, whether a minor or not. However, a guardian can open an account for a minor. Whereas no NRI can open a PPF account. If they have already opened a PPF account, they can maintain it, but cannot open a new account.
Investment and interest rules in PPF (PPF interest rate)
A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested annually in a PPF account. This amount can be deposited in several installments. If you invest up to Rs 1.5 lakh in a year, it is considered tax free under Section 80C.
Whereas the interest rate on PPF is decided by the government every three months. Currently, PPF offers 7.1 percent interest per year, which is calculated on compound basis. The special thing about this interest is that it is tax free.
Follow step by step process to open PPF account at home
If your bank account is in a major government or private bank like SBI, BOB, HDFC, ICICI, then you can open a PPF account online sitting at home. For this you will have to follow some steps.
- First of all, you have to go to your bank's net banking site or app and login.
- Where you have to go to the investment or service section and select the PPF account option.
- – Now fill your personal information and nominee information in the form that will open.
- Finally upload the required documents including Aadhar Card, PAN Card