You can open this PPF account in Post office, SBI, etc; even in ICICI bank. May be in other nationalized banks. The rules says that you can save Rs.1.5 lacs in a year. One can have only one account.You can open the account in your name; additional account for your wife and for your son.
If you have money, say Rs.1.50 lacs, Deposit in the month of April itself. Previously you deposit, higher the interest you will earn.If you do not have enough money, no problem; Deposit what ever you can; but make sure that it is deposited before 5th, else you will loose the interest for that month.
It's a 15 year account; you can extend for 5 years thereafter; but you should apply to the bank else, money will not be accepted.You can take loan. But, don't take unless it is very much essential.Interest will be credited in the month of April. The interest made is income tax free.
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