The Public Provident Fund or PPF scheme was launched by the National Savings Organisation in 1968 to promote savings among Indian citizens and help them save a huge amount over a long period by making small contributions. PPF scheme is offered by various banks including the State Bank of India (SBI). The current SBI PPF interest rate is 7.10% p.a. It is easy to open an SBI PPF account. The maximum duration of the scheme is 15 years. You can also add nominees to the SBI PPF scheme.
Following are the key SBI PPF account details:
|Investment limit||Minimum Rs. 500, subject to a maximum deposit of Rs.1,50,000 p.a.|
|Duration||15 years. After that, it can be extended for 1 or more blocks of 5 years each|
|Current rate of interest||7.10% p.a.|
|Loans and withdrawals||Permitted depending on the age of the account and balances on the specified dates|
|Income tax benefits||Available under Section 88 of IT Act|
|Nomination facility||Available for one or more persons|
|Facility to transfer PPF account||Available for free on request by the subscriber|
The SBI PPF account interest rate is determined by the Central Government of India on a quarterly basis. Currently, the SBI PPF interest rate is 7.10% p.a. with effect from 01.04.2020. The calculation of PPF interest rate is done on the minimum balance available in the account from the 5th day to the end of each month and is paid on 31st March every year.
To simplify the process to open PPF account online SBI offers an easy to use digital platform, i.e. SBI’s official website. The SBI PPF account opening process is very simple and can be done online via internet banking or mobile banking.
The steps to open the SBI PPF scheme are mentioned below:
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Individuals must follow the prerequisites mentioned below to open SBI PPF account online:
You can check PPF account balance through any of the following two ways:
Also Check: SBI Free Cibil Score
Yes you can open an SBI PPF account online by following the steps mentioned below:
The current PPF rate in SBI is 7.10% per annum.
Yes, you can opt for premature closure of your SBI PPF account or the account of a minor/person of unsound mind of whom you are the guardian on an application to the accounts office in Form-5, for any of the following reasons: