New Delhi, Sept. 28 -- The Indian government's Public Provident Fund (PPF) scheme is one of the most popular government-backed savings offerings. It offers its customers a low-risk, high-interest, and tax-friendly savings option to park their money for long-term returns.

People who want to invest their money for the long term without much intervention generally open a PPF account in search of low-risk, high-return, and low-tax investment alternatives.

India's Ministry of Finance introduced the PPF account to encourage the citizens of the nation to mobilise their savings, which were parked in their bank accounts, into an investment option with reasonable returns.

According to official data, the interest rate on a PPF account currently s...