Recently I opened my Public Provident Fund account with SBI (State Bank Of India) and I found it very useful to invest and save income tax.
I thought it will also help you to invest your money in PPF account and save income tax.
Let me tell you everything that you need to know.
What is Public Provident Fund? Public Provident Fund is the investment and tax saving scheme launched by central government for any individual Indian citizen.
You do not need to be government employee or salaried person.
You can open PPF even if you are not earning money.
You can open this account at any nationalized bank that handles PPF accounts or at post office.
You can contact your bank branch to check whether they handle PPF account or not.
Why you should open PPF Account even if you do not need it right now? I recommend each individual to open PPF account because of the following reasons.

• The interest rate is 8% right now and will be increased in near future.
  
• The amount you invest and interest you earn are both tax free and hence you get tax benefits on investment in PPF account.
  
• The investment is in your own control.
  You can post as low as 500 Rs.
  Per year to highest 70000 Rs.
  Per year.
  
• You can invest at any time within the financial year, so there is no time bound.
  
• Although the lock in period is 15 years, it will be more beneficial for you in future say after 10 or 12 years, when you might want to invest your money for short term say 3 to 5 years and you will get your money matured within short term with tax free benefits.
  
• You don't need anything else then few documents to open your account.
  You don't even need to be an earning person right now.
  
• So as soon as you will have your PPF account, you can start getting benefit in near future when lock in period is very shorter.
  
• It also allows partial withdrawal of your money and also allows the loan facility on your PPF balance.
  

So, keeping above benefits in mind, take the first step to visit your bank or nearest SBI branch and ask for PPF account opening form.
If you have no money or if you have not started earning, don't worry and keep posting lowest amount say 500 Rs.
Every month as PPF will give you magical refund after few years when you will actually start earning beyond the tax free limit.