PPF stands for Public Provident Fund which is a scheme initiated by the NSO (National Savings Organisations) in 1968. The PPF scheme was started in order to promote small investments and savings. This is a fixed returns scheme providing with tax benefits as well under the Section 80C.
Banks like ICICI, AXIS, HDFC, CENTRAL BANK OF PUNJAB, BOI, IDBI, CENTRAL BANK OF INDIA, PNB, INDIAN OVERSEAS BANK etc. and only SBI’s designated branches are functional at opening PPF accounts of customers along with its subsidiaries.
The current interest rate offered by the government for the year 2019 is 8% as applicable 1st January onwards.