Are you an employee working in Private or Public Sector Company? What are your plans for after retirements? You certainly would make appropriate plans for a secure future!
Proper financial planning during your employment could be rewarding for you at times of emergency and after retirement.
PPF or Public Provident Fund is one of the best savings options. PPF is the most popular schemes in India. If you have bright plans make sure to open PPF account at any bank or Post Office.
Important: A minimum amount of Rs. 500 to a maximum of Rs.150000 yearly can be deposited to your PPF account and Interest income is totally exempt from Income Tax. Duration of PPF scheme is 15 Year, thereafter you can extend it up to 5 Years.
There are many leading banks in the Public as well as Private banking sector offering Public Provident Fund account. On this list, you will get the names of the top 10 banks to open PPF Account in India. The account can be opened online in most of the banks and you can also check PPF account balance online.
Top 10 Banks for opening PPF Account in India
- ICICI Bank
- UCO Bank
- Punjab National Bank
- Union Bank of India
- Central Bank of India
- Allahabad Bank
- BOB – Bank of Baroda
- IOB – Indian Overseas Bank
- Vijaya Bank
Important Note: It is advantageous if you have your savings account at the same bank. Features and facilities offered by the banks for PPF Account are same. It is essential to consider factors like advanced technology and services of the bank.
A bank offering ECS and direct debit facilities would be helpful for you in money transfer. Under Income Tax Act’s Section 80C, PPF is a tax saving tool and is the best investment. The interest earned by the investor from PPF savings is tax-free.
Interest Rate: The banks give 7.9% interest on the savings in PPF account, and the interest rate is tax exempted. If you have made up your mind for opening PPF Account, make sure to continue it for a long term.