New Delhi, May 17 -- The public provident fund (PPF) is a top choice when it comes to long-term financial planning. Launched by the Centre in 1986, it is a reliable, low-risk government backed savings scheme with consistent and guaranteed returns.

Among the safest investment options for tax planning and an effective wealth builder, you can open a PPF account at a post office or bank by submitting an application form, photo and stated KYC documents.

For children or minor applicants, a parent or guardian can open a joint PPF account which can be converted once the account holder turns 18 years old.

Under PPF, interest is calculated on a monthly basis on the minimum balance between 5th and the end of the month. And, while interest is calc...