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Home / Rent and Lease / Commercial Space / PPF in Post Office or Bank Which is Better?
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PPF in Post Office or Bank Which is Better?

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0 2022-12-30T08:32:49+00:00
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PPF stands for Public Provident fund. It is a popular long-term tax-saving scheme initiated by the government. This scheme is fully guaranteed by the Central Government so you need not think even twice about its safety. My brother insisted on having a PPF account for a really long time so last year I opened one. My question then was

PPF in post office or SBI which is better? My brother explained it does not matter where you open the PPF account. The interest rate or scheme benefits and criteria are the same for all. 

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PPF account in bank or post office which is better?

Since PPF is a governmental scheme, the interest rate, eligibility criteria, and benefits remain the same for all of them. So instead of wasting time on PPF in post office or bank which is better, just go and open the account anywhere you want. 

  What is the eligibility criteria to open a PPF account?

To open a PPF account you have to abide by some rules and those are

  • You must be a citizen of India

  • You must be 18 years or above

  • You can open a single PPF account only

What documents will be required to open a PPF account?

Some documents that you must carry to open a PPF account are:

  • PPF account opening form

  • KYC like Aadhar, PAN,  Voter Card or more

  • Address Proof

  • PAN card

  • Passport size photograph

  • Nomination Form

 

Also note that the interest rate for PPF accounts is 7.10% in all banks which is quite good, isn’t it?

I hope you have understood

PPF in post office or SBI which is better.

  Read More:

What is PPF interest rate?

How to transfer PPF account from one bank to another?

What is PPF account?

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Rashmi Sinha

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