- Secure Savings: Invest ₹1000 and receive ₹325457 with SBI PPF.
- High Interest Rate: Earn 7.1% interest on your investment.
- Flexible Contributions: Minimum deposit of ₹500 and maximum of ₹150000 per year.
The SBI PPF Scheme is an excellent opportunity for those looking to save money securely and benefit from a substantial return. By investing merely ₹1000, your savings can grow up to ₹325457 over the years. With a competitive interest rate of 7.1%, this scheme is particularly suited for individuals with long-term financial goals. Additionally, it offers attractive tax benefits.
The Public Provident Fund (PPF) is cherished by Indian investors seeking secure returns on their savings. Backed by the Government of India, this scheme enables consistent growth and tax exemptions on the earnings accumulated.
Opening an SBI PPF account has become incredibly easy, with options available even for online applications. Customers can create their accounts at any SBI branch across the nation, making it a popular choice among investors due to its flexibility.
SBI Public Provident Fund Scheme Overview
Nodal Agency: State Bank of India
Scheme Name: Public Provident Fund (PPF)
Benefits: Flexible & High Returns
Minimum Investment: ₹500 Monthly
Interest Rate: 7.1%
Official website
Key Features of SBI PPF Scheme
Amount & Tenure: The minimum investment required is ₹500, and you can deposit up to ₹150000 annually. The PPF account has a maturity period of 15 years, which can be extended in blocks of 5 years.
Rate of Interest: The interest rate is set by the Central Government and is updated quarterly. The current rate is 7.10% per year. You can also nominate people to receive funds, with options to specify their share.
Loan & Flexibility: Withdrawals and loans may be accessed based on the account’s age and balance. The account can be transferred between branches, banks, or post offices without any charges. Tax relief is applicable under Section 88 of the Income Tax Act.
Terms and Conditions of SBI PPF Scheme
Deposit Amount: Subscribers must keep their annual deposits within the ₹150000 limit to earn interest and tax benefits. Deposits can be made in lump sum or installments.
Minimum Balance: Interest is calculated based on the lowest balance in the account between the 5th and the last day of the month. The interest gets credited annually on March 31st. Income generated from the PPF account is exempt from income tax, and funds are also free from wealth tax.
Premature Withdrawal: The closure of the account before maturity is allowed under specific circumstances, such as critical medical conditions, higher education needs, or a change of residency.
How to Open an SBI PPF Account?
<pAny Indian citizen can open a PPF account, even on behalf of a child. An existing savings account with SBI, linked to your Aadhaar card, is required.
You can open a PPF account through your nearest SBI branch or apply online via the SBI website. Here’s a simple step-by-step guide for online application:
- Visit the official SBI website.
- Select the “PPF Account” option.
- Fill out the application form and upload required documents.
- Your account will be activated once your application is processed.
Direct Links
- SBI PPF Details: Download Here
- Official Website: Visit Here