PPF AccountImage Credit source: Representative Photo
If you are planning to open PPF account in State Bank of India to invest. So now you can do this work from home too. Public Provident Fund or PPF scheme is one of the most popular savings schemes in India. This is a scheme that also helps a person to save tax money. In 1968, the National Savings Institute of the Ministry of Finance started this scheme with the aim of mobilizing small savings. It is precisely for this reason that the central government introduced PPF, an investment scheme where one can get reasonable returns along with income tax.
On December 12, 2019, the central government launched the Public Provident Fund Scheme, which superseded the Public Provident Fund Scheme of 1968. At present, the interest rate in PPF in SBI is 7.10 per cent per annum and the tenure of the scheme is 15 years. To open an account under this scheme, you must have SBI savings account and net banking facility of SBI.
Will also get the benefit of tax exemption
Apart from this, your Aadhaar must be linked to your account and you must have a registered, active mobile number linked to Aadhaar where an OTP will be sent. Let us tell you that in this scheme you can start with an investment of at least 500 rupees. And can deposit up to a maximum of Rs 1.5 lakh annually. In this, you also get the benefit of tax exemption under section 80C.
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How to open PPF account in SBI
- First of all go to the online portal of SBI and login using your branch.
- Then go to the ‘Request and Enquiries’ field and click on ‘New PPF Account’.
- Your name, address, CIF and PAN number will be displayed on the next page.
- In the next step, you need to enter the bank account number along with the branch details. Enter branch code to get branch details.
- Check your details and fill in the details of up to five nominees, and then click on ‘Submit’.
- Your PPF account will be created. You will get the PPF number on the screen.
- With the help of internet banking, you will also be able to view transactions and annual statements.
- You need to take a printout of the account application form and submit it to the SBI branch within 30 days from the date of opening the account.