The PPF or Public Provident Fund is a government backed, long term small savings scheme. It is a popular form of safe and secure investment among Indian citizens now. PPF offers safety to your money, a comparatively good rate of return, tax benefits, etc. It is a long term investment too.
Since it is backed up by the government, PPF is a useful tool for saving for those who are employed in private and unemployed sector and don't have any government PF and pension facility.
Where Can You Open A PPF Account?
The PPF account can be opened at either of the following:
A PPF account can be opened in the branches of State Bank of India and its subsidiaries. To open a PPF account in SBI, you are required to fill a PPF form and submitted along with some other documents required by the bank. You will get a PPF passbook issued by the bank which contains all information about your PPF transactions.
2. Selected branches of designated nationalized banks
A PPF account cannot be opened at any bank branch. You can open a PPF account in certain bank branches. You can get the list of designated bank branches offers this facility at the bank website or find out at your bank branch itself.
3. Post Offices
You can open a PPF account in all the post offices. You can walk up to any of your post offices in the locality and meet the concerned official and fill up the requisite form for account opening. The form is available on the internet also. You would need two latest passport size photographs, proof of address, proof of Identity, PAN Card and a deposit amount to open a PPF in Post Office.