PPF Account Service: Government bank gave big information regarding PPF account, now this service will be available

Bank of Maharashtra says that now the bank has made it easier for people to open Public Provident Fund (PPF) account. The bank says that now you can easily open your PPF account in Bank of Maharashtra through internet banking. The bank has stated on its website that PPF account can be easily opened in all the branches of Bank of Maharashtra.

The bank says that only one account can be opened in one name, if two accounts are opened by mistake then one will be considered as irregular account and no interest will be given to the customer on this account. Let us tell you that Public Provident Fund (PPF) is considered one of the popular long term saving schemes. Currently 7.1 percent interest rate is offered on it.

This is considered a great scheme for small investors because good returns can be earned by investing less money in it. A minimum of ₹500 can be deposited in the PPF account every year while a maximum of ₹1.5 lakh can be deposited. PPF account is considered mature in 15 years.

What is ppf compounding

It is not easy for investors to earn crores in less investment but according to experts, this can be made possible with the power of PPF compounding. PPF account was first introduced in the year 1968 by the National Savings Institution of the Ministry of Finance. Since then it has become one of the best ways for investors to build long-term assets.

Tax free earnings

PPF account comes under EEE category where income tax benefit can be claimed under Section 80C on annual deposits up to Rs 1.5 lakh. PPF is also considered better than other investments because it is tax free under Section 80C of the Income Tax Act (ITA).

Documents to open account

• An identity proof (Voter ID card/PAN card/Aadhaar card)
• Proof of residence
• passport size photo
• Pay-in-Slip (Available at Bank Branch/Post Office)
• Enrollment Form

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