PPF is an abbreviation of "Public Provident Fund". It is a scheme of the Central Government of India offered for investment which not only generates guaranteed returns but also gives tax rebate under section 80C of Income Tax Act.
Any resident Indian citizen can open a PPF account who can be a salaried employee, self-employed, businessman, professional or any other person. It can also be opened in minor's name in the capacity of guardian of the minor by submitting application on Form A.
Earlier only post offices used to offer PPF accounts but now-a-days almost all public sector banks as well as some private sector bank offering PPF account. The whole list of such banks is given below for your reference.
Click "Link" column (on below table) to visit to the respective bank website to get more about the PPF account details.
Why Should You Deposit Money before 5th of Every Month?
If you want to deposit amount in your PPF account in installments and not on a lump sum basis then it will be beneficial for you to deposit your instalment before 5th of every month in order to get the maximum amount of interest on your PPF account.
In case, you are planning to deposit the amount in lump sum once a year, then it should be deposited before 5th April so that you can earn maximum interest on your deposits. If you deposit the lump sum amount after 5th April then you will not get the interest on your deposit for the month of April.
The reason behind it is that according to PPF Rules, the interest on PPF account is calculated on the minimum balance between the 5th and at the end of the month and if you deposit your instalment before 5th then the interest will be calculated on that instalment too. In that case you will earn more.
It is to note that the interest on your PPF deposit is calculated on monthly basis, however, it is credited only at the end of the financial year i.e. after 31st of March every year.
List of Bank Offering PPF Account - Public Banks
Bank FD Interest Rate List
List of Bank Offering PPF Account- Private Banks