The Government of India changed the norms for PPF or Public Provident Fund. These changes were made on 12 Dec 2019 via a circular. Here is what changed in the New PPF 2019 guidelines. Also, download the new PPF forms. New PPF forms (1-5) are available at the last of this post.
These guidelines will be called as Public Provident Fund Scheme 2019, the new rules have replaced all previous PPF rules with immediate effect.
PPF is a good product because interest accrued along with the maturity amount are both tax free in the hands of the account holder.
Contributions made to the PPF account enjoy a deduction of up to Rs 1.5 lakh each financial year under Section 80C.
An individual with a PPF account of his own and as a guardian of his child can avail a maximum deduction of Rs 1.5 lakh taking both the accounts together. Each PPF account does not get a separate deduction limit of Rs 1.5 lakh.
We have written in detail on features of PPF here. So in case you are new to investments, it would be better if you read about the product first.