Raksha Bandhan 2024 gifts guide: Brothers can choose to open a Public Provident Fund (PPF) account for their sisters which would be an excellent Rakhi gift. New Delhi: Raksha Bandhan 2024 festival will be celebrated on August 19, 2024. On this day, sisters tie rakhi on their brothers’ wrists and pray for their well-being while brothers usually shower them with gifts.
One great idea for a gift is to open a Public Provident Fund (PPF) account in your sister’s name. This is a popular and secure investment in India that can help her achieve long-term financial goals. What are PPF account benefits? Brothers looking to surprise their sisters and also wanting a guaranteed substantial returns risk-free scheme, PPF comes as one of the most popular investment plans which is meant to invest valuable capital for long term benefits.
The current PPF interest rate is 7.1 per cent. The most beautiful aspect of PPF is that it allows a minimum deposit of Rs 500/- and a maximum deposit of Rs 1,50,000/- in a financial year.
The beneficiary will get the maturity amount on completion of 15 complete financial years from the end of the year in which the account was opened. The scheme is controlled by the central government and financial institutions like Post Office, several banks, allow one to open a PPF account. Notably, it is not compulsory to have a savings account in a bank to open a Public Provident Fund account.
The maturity period is 15 years but the same can be extended within one year .