What will happen to PPF if bank closes?

Remember, the PPF account cannot be closed before maturity unless in case of specified circumstances. If you wish to close the account, visit the bank branch /post office where the PPF account is held. If yes, account will be closed and maturity proceeds credited to bank account.

Is PPF safe from bankruptcy?

Your Public Provident Fund (PPF) balance is protected under Section 14A of the Government Savings Banks Act, 1873. Given its long-term nature, it can also be used for saving for retirement and, therefore, the legal protection it enjoys helps.

Is it safe to open PPF account in any bank?

You should open a PPF account at a bank, rather then a post office, simply because you can transfer money online. If you have an account in the post office, you can also transfer the same to a bank. Remember, that any investment being made in the PPF should be done keeping in mind a long term nature of investment.

Is PPF guaranteed?

Risk factor: Since PPF is backed by the Indian government, it offers guaranteed, risk-free returns as well as complete capital protection.

Which is best bank for PPF account?

The participating banks that offer a PPF account are given below.

• Bank of India.
• Union Bank of India.
• Oriental Bank of Commerce.
• IDBI Bank.
• Punjab National Bank.
• Central Bank of India.
• Bank of Maharashtra.
• Dena Bank.

Who is responsible for PPF account?

The public provident fund is established by the central government. One can voluntarily open an account with any nationalized bank, selected authorized private bank or post office. The account can be opened in the name of individuals including minor. The minimum amount is ₹500 which can be deposited.

Who is owner of PPF account?

the Central Government
Public Provident Fund (PPF) is one of the most popular saving schemes among Indian households. Since it is managed by the Central Government, the money in the PPF account and the returns it generates, are guaranteed.

Which bank is safe best for PPF account?

A number of banks in India offer the facility of opening PPF accounts. The State Bank of India and its state branches, ICICI Bank, Bank of Baroda, IDBI Bank, UBI, Union Bank of India, Canara Bank, Axis Bank, and Indian Bank are a few to name. PPF can be opened with a minimum of Rs. 500 and a maximum of Rs.