How to Choose the Best PPF Scheme?

Services, tech support, the ease of opening a PPF account, and other factors should always be considered when selecting the best PPF scheme offered by banks and Indian post offices.

In this blog, we will discuss a few key factors to consider when selecting the best PPF scheme in a simple and hassle-free way.

How to Choose the Best PPF Scheme?

The PPF account has a 15-year lock-in period, making it an excellent choice for those looking to save for a longer period of time. Also, premature withdrawal is not allowed before the completion of 6 years. This apart, it can be extended after maturity by filing Form H to receive tax benefits and to add new contributions to the PPF account. As a result, it is appropriate to understand how to select the best PPF scheme-

• Because PPF features and benefits do not vary by bank, choose a bank based on your previous experience with it
• Understand how your preferred bank provides assistance, service, technical support, and other benefits related to your PPF account
• It is recommended that you open a PPF account with your respective bank
• Determine whether the onboarding process for opening a PPF account is simple or time-consuming
• Check to see if your bank allows you to open a PPF account online
• The interest rate on a PPF account is set by the government and is reviewed every quarter; therefore, do not fall for any bank that claims to offer you more than the set interest rate
• Never open a PPF account with an unauthorized centre

FAQs

Can I open 2 PPF accounts?

No, an individual is allowed to open only one PPF account.

What is the minimum value to deposit in a PPF account?

The minimum value to deposit in a PPF account is Rs 500.

Which form do I need to submit to open a PPF account?

Form A is required to be submitted to open a PPF account.

Can I open my child’s PPF account?

Yes, parents/guardians can open a PPF account on behalf of their minor child.

Can I extend my account tenure for 2 years?

PPF tenure can be extended in the block of 5 years.

Priyanka Juyal

Priyanka Juyal- a Writer with a curious mind & vision to create the best out of words. Other times, see her playing the guitar, sketching or narrating folk tales!