3. Public Provident Fund Scheme (PPF):

Under this scheme an individual can open an account in his own name, on behalf of a minor of whom he is a guardian, a hindu undivided family. This can be opened at designated post offices throughout the country and at branches of public sector banks throughout the country. This account matures for a closure after 15 years which can be continued with or without subscriptions after maturity for block periods of five years. Deposit required is minimum of Rs,500 to maximum of 70,000 in a financial year. There can be maximum of twelve deposits can be made in a year. After the completion of one year from the end of the financial year of opening of the account, loans can be taken from the amount credited in PPF.