The Public Provident Fund Scheme was introduced in 1968 by the Ministry of Finance, and is a tax saving avenue that offers an interest rate of 7.6%. Since the Public Provident Fund was introduced to encourage savings among salaried individuals, the minimum amount of deposition in PPF account is very affordable.
One of the major benefits of investing in PPF account is that it provides tax deduction, and as a government backed scheme, is easy to understand and the money put in a PPF account is safe. Thus, due to all these benefits offered by the Public Provident Fund, it has become a popular investment option for the majority of individuals in India.
An individual can open a PPF account at any authorized bank (Government and Private) and post office. In order to open an account the individual is required to fill the form completely, provide all the relevant documents and deposit the required amount in the branches that have been authorized for the same.