Seeking Help Need help in opening PPF account

[Kiran Reddy]

Hi Friends,

I am planning to open PPF(Public Provident Fund) account for investment and tax saving purpose. Anyone investing in PPF please let me know if it is wise to choose PPF and what would be good proportion of amount to save under PPF.

Also suggest me which bank would be better to go for PPF.

Please suggest if there is any other better option for investment and tax savings but with low or zero risk.

 

[IndiaN]

I Did Opened Last Month
It is a Good Choice as You Get EEE Tax Relief
You Can Open in Any Bank as is it is Govt. Scheme
You Will Get Interest in April 1st Week Every Year
Interest Calculated on Balance Available on 5th of Every Month

 

[Kiran Reddy]

@An Indian bro in which bank did you open account?
And if I remember correctly tax savings of this can be claimed under 80C correct?

 

[IndiaN]

@An Indian bro in which bank did you open account?
And if I remember correctly tax savings of this can be claimed under 80C correct?

I opened at sbi
Yes tax savings upto 1.5 lac per annum which is maximum deposit allowed
Interest earned is full tax free & maturity amount is also fully wealth tax exempted

 

[Saichand.Sanka]

@Kiran Reddy If you willing to take some risk then you can do invest in mutual funds which serves to save taxes. you can show it under 80C.

The reason I am telling this is PPF is 15 years locking period and every year the interest is reducing by our govt. But mutual funds locking period is 3 years maximum and the returns you can get more than PPF.

this year I invested 80K in mutual funds to save tax under 80C. Do let me know if you need more information

 

[Kiran Reddy]

@Kiran Reddy If you willing to take some risk then you can do invest in mutual funds which serves to save taxes. you can show it under 80C.

The reason I am telling this is PPF is 15 years locking period and every year the interest is reducing by our govt. But mutual funds locking period is 3 years maximum and the returns you can get more than PPF.

this year I invested 80K in mutual funds to save tax under 80C. Do let me know if you need more information

Ok bro, I have already invested some money on mutual funds but those are not tax saving funds.

Thanks for your suggestion, I will try to compare returns on tax saving mutual funds and PPF.