Can I invest in PPF to claim tax deduction under Section 80C?

I want to save the maximum limit of Rs 1.5 lakh under Section 80C. I currently have investments in Reliance Tax Saver Fund and Birla Sun Life Tax relief '96 (Growth). My total investment is Rs 3,500 per month.
I need some suggestions regarding the investment options to cover the rest of the amount by next March. I am also thinking of Public Provident Fund (PPF). Is it a good option?
--Protyay Banerjee

Chokkalingam Palaniappan, Director, Prakala Wealth Management, responds:

If you are below 50 years of age, it is better to put the remaining amount in ELSS schemes. Over longer period, these investments shall reward you the most. However if you are risk averse, then you may consider other avenues such as Voluntary Provident Fund (VPF) and PPF. Other than ELSS funds, there are retirement funds offered by fund houses such as Tata MF, HDFC MF and Reliance MF. They give you Section 80C benefits. Consider investing in these funds as well. These retirement funds have exit load until the age of 58 years.