PPF is a savings scheme or a tax-free scheme that is offered by the Government of India. It is used as a tool by the investors to build a corpus for their retirement by saving sums of money regularly, over a long period of time. Before opting for PPF, you should know the eligibility criteria of this scheme. The eligibility criteria for taking advantages of Public Provident Fund (PPF) is given below:
The nationality of an individual should be Indian- any Indian citizen can get the benefits of PPF by joining this wonderful scheme.
Can I open a PPF account for my child too? Then the answer is "yes". PPF accounts can also be opened for minor children on behalf of their parents.
An NRI is not allowed to open a PPF account. An Indian resident who has become an NRI after opening a PPF account can continue the existing account until maturity.
Opening of multiple accounts and joint accounts are not allowed in this scheme.