Public Provident Fund : Whenever it comes to a better savings scheme. The name of Public Provident Fund (PPF) definitely comes in it. What are PPF schemes? It is also considered as a safe investment method. Better interest is available in PPF. Along with this, tax exemption is also available. If a person deposits a small amount in PPF, then he can create a big fund. You can also open this scheme in the name of your child. Its investment tenure is 15 years. If you want to open this account in the name of your child, then let us know. All the details about how to open PPF, its benefits and interest rate.
How to open PPF account
To open a PPF account, you have to take a PPF account opening form from any bank or post office. After this, all the information asked in the form has to be filled. With this form the child’s parent or who is the legal guardian. Their passport size photograph has to be given and KYC documents have to be given. Along with this, the birth of a child has to be given. All these documents have to be submitted along with the form. After this PPF account is opened in the name of your child. There are many banks that also provide the facility of opening PPF account online. But for this, it is very important for the parents who are already having an account in the bank.
Benefits of opening PPF account
This is a huge advantage of opening a PPF account. That you accumulate a huge amount in the name of the child. Can understand by example. If the child is 6 years old and you open this account in your child’s name for 15 years, then when your child turns 22 years old. Then your child will have a better amount deposited.
7.1 percent interest will be available on PPF
Your child gets the amount through PPF. She can be of great help to his career better. The money you get from this. With her help, you are your child. You can send him out to study. The very special thing about this scheme is that good interest is available in this scheme. Talking about the interest available in it at present, it currently gives 7.1 percent interest.
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PPF Investment can be done for children too start like this
Whenever it comes to a better savings scheme. The name of Public Provident Fund (PPF) definitely comes in it. What are PPF schemes? It is also considered as a safe investment method.
Story first published: Wednesday, November 9, 2022, 16:46 [IST]