NO Public Provident Fund or PPF is not a smart choice of investment option for any investor whatsoever.
The best strategy for saving tax is to invest with minimum locked in period and save maximum tax with minimum possible to zero investment.
In 2009 I shared Best Tax Saving Funds and though the idea of finding the best tax saving ELSS fund is still valid, it makes sense to be sharing some new insights as well as the look into better option to save tax in 2013.
List of some of the best Tax Saving mutual funds. The list of funds selected are based on criteria of consistent dividend for a long period of time.