It is the type of bank account that is specifically made for the benefit of common citizens. It is a saving that works on a long-term basis. The main purpose of a PPF account is to offer an all-round tax benefit to the customer.
The money can be used for any purpose in which the user wants to spend. You can use the money to pay your monthly bills or even invest it in certain areas. Many people prefer to invest the money in property or others whose price increases with time instead of saving it in their account. Many companies may charge a fee for the services they provide. If you want to get your account, you can contact us. You can get all the necessary details on the official website.
Features Associated with a PPF Account
- A PPF account offers a tenure of a minimum of 15 years.
- A PPF account can get opened with only Rs. 100.
- One has to deposit at least once a year into a PPF account for 15 years.
- PPF accounts allow deposits through cheque, cash, online fund transfer, or Demand Draft.
- One cannot open joint accounts through a PPF account.
- It is allowed for a PPF account holder to opt for a nominee.
- A PPF account remains backed by India’s Government; that’s why it proposes risk-free and guaranteed returns while protecting the whole capital.
Who Can Go for a PPF Account?
Anyone who’s a resident of India can open a PPF account. Non-resident Indians (NRI) are not allowed to open PPF accounts. Also, parents can open up a PPF account for minor children.
What are the Essentials Required to Open a PPF Account?
- An address proof.
- An ID proof.
- A photograph of the account holder.
- A nomination form.
Opening a PPF account can be a good decision for the ones who want to go with these accounts as a long-term investment.