Explanation:

Major features of PPF are:

• Deposits can be made in lump-sum or in installments. Joint account cannot be opened.
• Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
• Maturity value can be retained without extension and without further deposits also.
• Premature closure is not allowed before 15 years. But, withdrawal is permissible every year from 7th financial year from the year of opening account.

Other advantages are:

• No attachment under court decree order.
• Deposits qualify for deduction from income under Sec. 80C of IT Act. Interest is completely tax-free.