New Delhi, May 24 -- Public Provident Fund account holders can transfer their accounts between authorised banks and post offices without affecting the continuity of the account or the accumulated corpus. Such transfer can be carried out if you change jobs, move to a different location, or switch banks.

Backed by the Government of India, the PPF is a long-term savings scheme that offers guaranteed returns along with tax benefits under the income tax act. It currently offers an interest rate of 7.1% per annum, which is compounded annually. The account has a mandatory 15-year lock-in period. Upon maturity, you can extend the tenure indefinitely in blocks of 5 years, either with or without making further contributions.

A depositor can inves...