Public Provident Fund is a Government-backed saving scheme which also offers tax-rebate under section 80C. The interest payable on PPF account is revised and paid by the government for every quarter. For October – December Q3 FY 2024-25, the applicable interest rate is 7.1%. PPF accounts can be opened with nationalised banks, major private banks such as ICICI and Axis Bank and Post Offices.
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List of banks offering Public Provident Fund
Given below is a list of banks which are offering Public Provident Fund for the investors-
- Axis Bank
- HDFC Bank
- ICICI Bank
- State Bank of India
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Corporation Bank
- Central Bank of India
- Canara Bank
- Dena Bank
- IDBI Bank
- Indian Bank
- Union Bank of India
- United Bank of India
- Syndicate Bank
- Vijaya Bank
- Oriental Bank of Commerce
- Indian Overseas Bank
Note: These banks offer PPF facilities online as well as offline banking. The account holders of State Bank of Patiala, State Bank of Hyderabad, State Bank of Bikaner and Jaipur, State Bank of Travancore, and State Bank of Mysore can access their accounts from the nearest available SBI branch.
Documents Required to open a PPF Account
The investors are required to submit the following documents to get their PPF accounts opened at ease-
- PPF Account Opening Form (Form-A)
- PAN Card
- Aadhaar Card
- Address Proof
- Passport Size photos
You can download the PDF of Form-A from here-
| PPF Account Opening Form (Form-A) |
What are the benefits of Public Provident Fund investments?
As you invest in PPF, you will be able to enjoy a lot of investment benefits-
- Safety and security of investments; the interests, returns and investments in government schemes are known to be very safe and secure
- PPF is eligible for tax deductions up to Rs.1.5 lakh and the interest earned is also tax-free
- You can get higher returns than fixed deposit schemes by the bank
- The PPF account is immune from attachment from any order or decree of any court under the Government Savings Banks Act, 1873
- It allows investors to seek loans against their PPF account. This facility is available between the 3rd and 5th financial year from the date of account opening
- Nominations can be made who will receive the maturity amount in case of sudden or expected death of the beneficiary
- The account can be transferred from one bank to another quite easily