PPF stands for Public Provident Fund which is a retirement scheme that is being offered by the Indian Government to provide secure post-retirement life to individuals. This scheme was introduced by the National Savings Institute of the Ministry of Finance in 1968. Now people often come up with queries like can anyone open ppf account also can a senior citizen open ppf account? The answer is Yes. There is no age limit for opening a ppf account so anyone can open it.
What is the Interest Rate on PPF accounts?The interest rate on PPF accounts varies from one individual to another. So, after knowing, can senior citizen open ppf account, you must also know what is going to be the interest rate as well. The interest rate on PPF accounts, in general, is 7.1 % per annum but senior citizens get benefited. They get an interest rate for the Senior Citizens Savings Scheme of 7.4% per annum. People who have accounts in Sukanya Samriddhi get an interest rate of 7.6% per annum.
Which bank will be the best to open a ppf account?Almost all banks will allow you to open a ppf account but choosing SBI, State Bank of India will be the best option as it is the largest bank in India and also offers a good interest rate for the ppf scheme. It has over 15,000 branches in India so you can opt for opening an account near you in an SBI branch easily.
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I hope I have been able to give a proper explanation to your question can a senior citizen open ppf account.
Read More:
Who Can Open PPF Account?
Can We Close PPF Account?
How To Check PPF Balance?
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Can A Senior Citizen Open PPF Account?
Ankur
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2022-05-10T09:50:42+00:00 2022-05-10T09:50:43+00:00Comment
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