SBI PPF Account & it’s Benefits

The SBI PPF account is offered by the State Bank of India, which is India’s one of the most trusted and most popular public sector banks. With the advancement of technology, it is now possible to open SBI PPF online. National Savings Organization started this scheme in 1968 to offer flexibility to mobilize small savings.  

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Details of SBI PPF Account

Public Provident Fund (PPF) is a Government of India scheme, and it is a long-term investment scheme that also offers lucrative interest rate and optimal returns. The investments can be as low as ₹500 and a maximum of ₹1.5 lakh in a fiscal year. Moreover, one can avail loan facility between 3rd and 6th fiscal year. The scheme also offers partial withdrawal facility from the 7th fiscal year.

SBI PPF Scheme Features and Benefits  

The money invested in this scheme is safe and secured. Moreover, the scheme offers Tax Exemption Benefits on the deposited amount. Some of the key features of SBI PPF Account are listed below:

  • SBI PPF Account Eligibility Criteria- SBI PPF Account can be opened in one’s own name and also on behalf of minor at any bank branch or post office. However, it is not permitted to open a PPF account in the name of a Hindu Undivided Family.

  • Investment Limits- The minimum amount that one can deposit is ₹500 and a maximum of ₹1.5 lakh per annum. The investment can be made in a lump sum or in 12 installments in one year.

  • Duration of SBI PPF Scheme- The duration of the scheme is 15 years. Once the scheme is matured it can be further extended in a span of 5 years each.

  • SBI PPF Interest Rate- PPF interest rate is decided by the Central Government on a quarterly basis. Currently, it is 8.0% per annum. SBI PPF Interest rate is calculated on the minimum balance in SBI PPF Account from the 5th day and the month-end and is paid every year on 31st March.

  • Tax Exemption- Tax benefits under Sec 88 of the Income Tax Act. Interest earned is also tax-free. The amount due to the credit is also Wealth Tax-free.

  • Loans and Withdrawals- SBI PPF permits loans and withdrawals as per the age of the account and the deposited amount till date (as on the specified dates).

  • Nomination- SBI PPF account also comes with nomination facility in the name of one or more than one person. The subscriber can also decide the shares of nominees.

  • Transfer of Account- SBI PPF account is transferrable to other Branches/ Post Offices/ Banks/ and vice versa with no cost attached.

  • Premature Payment- It is allowed on completion of five fiscal years of the account if:
    The amount is required to treat serious ailments or critical illness of the Account holder/spouse/ parents/dependent children, on submission of supporting documents from a medical expert.
    The amount is required for the higher education of the minor account holder on submission of supporting documents, bills, and admission proof from a recognized institute in India or overseas.

People Also Read: Best Pension Plan In India

Things to Know Before Opening an SBI PPF Account

Generally, a PPF account can be opened in a bank branch or a designated post office. But for an SBI account holder, opening a PPF account is quite convenient and time-saving. SBI customers can open a PPF account online at any time of the day.

SBI has also launched a digital service through which customers can open a Public Provident Fund (PPF) account instantaneously online in a paperless manner. SBI customers can open a PPF account anytime, anywhere as per their convenience through the internet and mobile banking/Mobile App.

Things to Know Before Opening an SBI PPF Account Online

Mentioned below are some prerequisites to open SBI PPF account online:

  • The subscriber should hold an SBI Savings Bank account

  • The subscriber should have Mobile banking/ Net-banking enabled for the SBI account

  • The ‘Aadhaar’ number has to be linked with the account

  • The authorized mobile number that is linked to your Aadhaar should be active. It will be required to sign and e-authorize using the OTP (one-time-password). This will enable an instant opening of the PPF account.

Related Read: National Pension Scheme (NPS)

How to Open SBI PPF Account Online?

The steps to open SBI PPF A/c online are listed below:

  • The subscriber needs to have an SBI Internet banking username and password

  • Once logged in, go to the 'Request & Enquiries' option and click on the 'New PPF account’

  • Applicant’s name, address and other details will be shown on the screen.  If the SBI PPF account is to be opened in the name of a minor, then select the option to open SBI PPF for a minor. In that case, the name of the minor, date of birth, his/her relationship with the applicant has to be mentioned.

  • Now enter the specific branch code/IFSC code before proceeding further.

  • Now enter the nomination details. Joint holding is not permissible in a PPF Account, only nomination can be done. For minors, nominees are not allowed; only a guardian can be named.

  • Click 'Submit', the following information will be displayed on the next page:
    Upon submission of the application form, a reference number will get generated, which will be valid for 30 days from the submission date. It will be deleted afterward.
    Therefore, within 30 days, visit the nearest bank branch with the KYC documents, a print out of the SBI PPF Online Application, and a photograph.

Documents Required for SBI PPF Account

The following documents are required to open a PPF account in SBI:

  • SBI PPF opening form

  • PAN card photocopy

  • Applicant’s ID proof

  • Nomination Form

  • Passport size photograph

  • Applicant’s residential proof

People also calculate: NPS Pension Calculator

SBI PPF Account - FAQS

  • Q1. What is SBI PPF Account?

    Ans: It refers to the SBI Public Provided Fund. There is a lock-in period of 15 years. You can open a PPF account by visiting the bank branch and also do it online.  It comes with partial withdrawal and loan facility, which is subjected to terms and conditions. The PPF account in SBI can be opened online or by visiting at the branch office of SBI.
  • Q2. How can I withdraw my PPF amount from SBI?

    Ans: You can withdraw the SBI PPF amount on maturity of the scheme or on the death of the account holder.
  • Q3. Is it possible to transfer money to SBI PPF account online?

    Ans: Yes, you can use the internet banking facility to transfer money to your PPF account online.
  • Q4. What is SBI PPF Interest Rate?

    Ans: Currently, SBI PPF interest rate is 8% per annum.
  • Q5. Can I deposit PPF amount online in SBI?

    Ans: You can deposit PPF amount online in SBI through their official website.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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