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    S

    Hello everyone, I am Raghav from MP. I joined this community to acquire knowledge on finance.

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    S

    The Indian government sets the PPF interest rate, which is now 7.1%.Mostly all the banks and post offices have PPF account facility and offer the same interest rate and have minimum yearly deposit of Rs. 500 and a maximum of Rs. 1.5 lakh.

    The lock-in period for PPF account is 15 years. Partial withdrawal allowed after the 7th financial year. Different banks have different withdrawal penalties. But if you withdrawn before completion of 5 years then there is a penalty of 1% of amount withdrawn.

    Banks provide the facility of premature closure which is allowed after 5 years for some major reasons like higher education or serious illness.

    There are some banks which allow opening the PPF account online, but physical verification at the branch might be mandatory.

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    R

    To create some emergency funds, you can use the feature of auto-debit savings, which means some amount of money is automatically deducted from your salary account to be transferred to some other high-interest savings account. Since you are living with your parents, try to save more money. You can also invest some money in some low-risk equity funds.