Low Investment Scheme: If you want to invest your money in a safe place and earn good, tax-free returns, then the Public Provident Fund (PPF) can be a reliable option for you. This is a long-term savings scheme guaranteed by the Government of India, which involves minimal risk and helps build a strong fund for the future. The biggest advantage of this scheme is that it can be started with just ₹500, and regular investments can turn into a large sum over time.
A PPF account is not just considered a savings account, but also a strong tool for retirement planning. The interest earned is not affected by market fluctuations, and the investment remains completely secure. Along with this, tax exemption is also available under Section 80C of the Income Tax Act. The government reviews PPF interest rates periodically, ensuring investors receive stable and reliable returns.
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Maximum Investment Limit
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A minimum deposit of ₹500 is required to open a PPF account. A maximum of ₹1.5 lakh can be invested in a financial year. The interest in this scheme is compounded, which means the deposited amount grows rapidly over time. If a person invests regularly every year and continues the account for 15 years or more, even small amounts can create a fund of millions of rupees in the long run.
Any Indian citizen can open a PPF account. Parents can also open this account in the name of their minor children. However, Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible for this scheme.
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Documents Required
Some basic documents are required to open a PPF account. These include the account opening form, identity proof such as Aadhaar or PAN card, address proof such as Voter ID or ration card, and passport-size photographs.
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Apply Offline
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If you want to apply offline, visit your nearest bank or post office and obtain the PPF account opening form. Fill out the required information in the form, submit it along with the necessary documents, and deposit the initial amount. After the application is complete, you will be given a PPF passbook.
Apply online
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The online method is even easier. To apply online, log in to your internet banking or mobile banking account and go to the option for opening a PPF account. Fill out the online form, upload the documents, and select the investment amount. After OTP verification, the application is submitted, and you will receive a confirmation via email.