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Here are some of the features of a PPF:
1. The deposits can be made either entirely at once or in installments.
2. There can only be one PPF account per individual. Multiple accounts are not permitted.
3. One of the key rules of a public provident fund account is that you are not permitted to have any joint accounts.
4. If a customer doesn’t make the required minimum deposit within a year, their account will be closed.
5. The minimum amount deposited is used to compute the monthly PPF interest. Each month, this calculation is performed after the fifth.
6. You can deposit money into your PPF account by using cash, a DD, a check, or an electronic wire transfer.
7. In case you have discontinued your existing PPF account, you cannot open another one.
8. If you are a minor, your guardian or parent can open a PPF account for you.
9. When opening a PPF account, it allows you to appoint a nominee of your wish.
10. Last but not least, the interest is added to the account at the end of the fiscal year instead of being credited monthly.
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Image and article originally from www.bqprime.com. Read the original article here.