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