Oct 132015

PPF account in Delhi

A PPF account is a short term for public provident fund account. It is one of the most popular savings schemes among the residents of this country, launched by the Government itself. It is basically the investment plan which can be levied every year. It is a major instrument for tax savings under the Section 80c of the constitution.

PPF account in Delhi

Banks that open PPF account for you in Delhi

While opening a PPF account in Delhi, one must keep in mind that not every bank is offering the opportunity to open up a PPF account. There are only a few selected banks which are providing this facility around the country. These banks are:

  1. SBI
  2. SBI & its subsidiaries
  3. Bank of Baroda
  4. Bank of India
  5. Union Bank of India
  6. IDBI bank
  7. Vijaya Bank
  8. Central bank

These are only a selected few banks that provide the chance to open up the PPF account. But mostly, any public sector bank will be authorized to give this facility. It must be noted that although there are other banks that offer PPF account services, it is only SBI, IDBI and ICICI bank which is providing the online assistance for this service. Of course you can open this account in post office across the various states of this country.

What is the aim of PPF account?

The aim of getting a PPF account is to achieve income security and savings opportunity for people of all age. It contributes to the economic and social welfare of the Indian citizens by providing them good returns for their deposits.

Few things to be noted about this scheme in post office

The Provident Fund account has recently gone through some regulatory changes in 2014. Mainly the interest rates have been revised. It is fixed at 8.70% per annum for FY 2015-16, compounded yearly. Please read this article for latest interest rate. People are to compare these rates with their existing bank rates and see which one yields more profits for them. By the same rule, they can the shift their accounts to the different banks or Indian postal branches.

However, the maximum amount that you can deposit should not exceed 1, 50,000 in any financial year in the post offices. Also the minimum amount you deposit can be 500 INR only. Another thing to take note of here is that, you cannot open a joint PPF account (in a post office).

Online PPF account for users

Now the users can open up an online account too. If you are opening an account via bank, then you need to activate the internet banking facility with that particular bank. Many new account holders prefer to manage their accounts online. The advantage of opening your account online is that you can transfer your amounts online periodically, via NEFT into your PPF account.

Even though the processes involved are all the same and require you to fill up paper documents. The process can be carried on online at present. With passage of time, opening a PPF account is becoming easier.

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