Public Provident Fund is one of the most popular tax saving investment scheme of Indian government. Deduction under section 80c and PPF relation is described in our budget. The duration of this scheme is 15 years, so basically it is a long term scheme. Public Provident Fund interest rate is just above 8.5% annually. The amount which is invested in PPF is also deductible under section 80c. You can make the deposit in lumpsum or in instalment in the year. The amount limitation in lumpsum is Rs 100000 and the instalment limit is 2 times in a year. This scheme is provided only for individuals. To open the account you can go SBI or any branch or any nationalized bank.
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