Which bank offers good online banking facilities?
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The Indian government sets the PPF interest rate, which is now 7.1% Mostly all banks and post offices have PPF account facilities and offer the same interest rate and have a minimum yearly deposit of Rs. 500 and a maximum of Rs.1.5 lakh.
The lock-in period for the PPF account is 15 years. Partial withdrawal is allowed after the 7th financial year. Different banks have different withdrawal penalties. But if you withdraw before the completion of 5 years then there is a penalty of 1% of the amount withdrawn.
But banks provide the facility of premature closure which is allowed after 5 years for some major reasons like higher education or serious illness.
Some banks allow opening the PPF account online, but physical verification at the branch might be mandatory. -
HDFC, ICICI, and SBI Bank allow the opening of PPF accounts online. The current PPF interest rate is 7.1% which is the same for all the banks. Minimum Rs. 500 you need to deposit and it will go upto Rs.1.5 lakh annually.
Look for a bank known for good online service. Do some research online or visit banks' websites to compare features and choose the one that best suits your needs.
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