The National Savings Institute of the Ministry of Finance launched the Public Provident Fund in 1968 as a savings-plus-tax-saving vehicle in India. The scheme's goal is to encourage people to save small amounts of money by providing a safe investment with tax benefits. We at Myfirstcrore would propose an investment in PPF (Public Provident Fund) as one of the strategies to develop a long-term corpus. PPF contributions are deductible under Section 80C of the Income Tax Act. Here's how to create a PPF account at a bank or post office, including the steps to take.
Documents for the PPF account are similar to the any other account in banks.
Can PPF investments be done online as well, with practically every investment choice, such as equities, mutual funds, fixed deposits, and bonds, available at the touch of a mouse? You cannot, though, if you have a post-office account. Try our Equity Research once.
However, certain banks allow internet transfers. For example, if you have an SBI PPF account and an ICICI Bank salary/savings account, you may use nett banking to add the SBI PPF account as a payee/beneficiary for transfers from your ICICI account. Money can also be moved from your Citibank savings account to your State Bank of Mysore PPF account.
Additionally, if you have a savings account and a PPF account with the same bank, you can link the two. You do not need to make the PPF account a third-party beneficiary in this scenario. Money can be sent immediately. You may also check the credits to your PPF account online, much like your bank statements.