RBI ASKS BANKS TO ACCEPT PPF DEPOSIT UP TO Rs 1 LAKH A YEAR

The Reserve Bank of India (RBI) asked banks to accept deposits up to Rs1 lakh under the Public Provident Fund (PPF). As many as 25 public and private sector bankers accept deposits under the PPF scheme. Recently, the government has raised the annual investment ceiling in PPF savings to Rs 1 lakh from the present limit of Rs 70,000. The interest rate on PPF has also increased to 8.6 per cent from 8 per cent.