Public provident fund is a long time and famous scheme which is government supported. The investment scheme suits all kind of citizens from self-employed to private sector workers. PPF has attractive offers and has a tax free interest rates. By agreement from section 80 C of the tax Act.
The scheme is flexible with no limitation in terms of savings. Any investor can save from RS 500 to RS 1, 50,000 each year. The scheme also give other bonus benefits like loans against your PPF savings, allows withdrawals and account extension for members will to continue investing.
What are the features of the PPF scheme?
The PPF scheme has a lot to offer and has attractive features. With the support of the SBI bank which has PPF account giving the best services.
- The scheme has low and attractive interest rates of 7.6 % and it is tax free.
- The investment period is reasonable since there are 15 years where you will get good returns.
- The deposit amount is relatively low for individuals who cannot afford to contribute a lot. The plans has a minimum of RS 500 to max of RS 1, 50,000.
- You have the choice to make 12 transactions in a year.
- The scheme offers loans to individual who have a period of 3-6th years in the scheme.
- From the 7th year one can make partial withdrawals.
- One can opt to added 5 more years when the maturity years are over to save more.
How to open and PPF account at the SBI bank
SBI being the largest financial institution in India, they have different plans and services. The banks serves citizens and non-citizens and is located all over the country and abroad. PPF members can open an account at SBI bank and get attractive benefits.
The account opening for PPF can be done online with making your way to the bank. You can also make deposits and check your cash flow using the SBI website link for the PPF.
What is required before opening the account?
You need few documents in order to have PPF account at the SBI bank.
- You should have a registered SBI saving account already or just open one.
- After the account the bank should register you for mobile banking or internet banking.
- Link you the Aadhaar number to your account which is a must for all citizens in India.
- The mobile number you registered with should be actives as you will receive an OTP number.
PPF account opening
- Navigate to the SBI website page: www.onlinesbi.com
- Enter you bank details.
- On the menu click on the New PPF account tab.
- The system will take to the new PPF account page which is on the SBI website page. Here you will get all your details from PAN number and so on.
- Enter the SBI bank account which will be used to transfer funds to your PPF account plus the PAN number.
- Fill in the bank details from the bank code and branch name etc. this will bring to another page.
- Now the system will request to verify your personal details after which you click proceed.
- In seconds the PPF account will be created and the system will show the PPF account number.
- You can take a print out of PPF account opening by touching the print PPF online application
This are the simple steps to have the PPF account, note you can check the statement through mobile banking or internet banking.