SBI PPF account online: How to open Public Provident Fund with State Bank of India at onlinesbi.com
Interest is calculated on the minimum balance( in PPF Account) between 5th day and end of the month and is paid on 31st March every year. It is recommended that everyone should open a PPF account.
PPF (Amendment Scheme)2016 and other Small Savings schemes are implemented by National Savings Institute, under the Ministry of Finance. Public Provident Fund Scheme was introduced to mobilize small savings so as to enable a huge part of the population to save for their retirement and get good returns on their money. It not only offers an investment avenue with decent returns, it comes coupled with income tax benefits. A minimum of Rs 500 subject to a maximum of Rs.1,50,000 per annum may be deposited. The subscriber should not deposit more than Rs.1,50,000 per annum as the excess amount will neither earn any interest nor will be eligible for rebate under the Income Tax Act.
SBI PPF Rate of Interest:
The rate of interest is determined by the Central Government on a quarterly basis. At present, it is 7.9% per annum applicable from October 1st, 2019. Interest is calculated on the minimum balance( in PPF Account) between 5th day and end of the month and is paid on 31st March every year. It is recommended that everyone should open a PPF account. Considering that State Bank of India (SBI) is present across the country and even in the smallest of towns, one of the most popular go-to places to open such an account is this lender.
Here we answer the question - how to open an SBI PPF account online:
1. Candidates need to first login to SBI online account i.e. onlinesbi.com
2. Click on the option on the home screen at the top right corner 'Request and enquiries'.
3. From the drop-down list, select the option new PPF account, the account details will be displayed on the screen.
4. You will get the option of opening an account in the name of a minor which reads 'If account to be opened in the name of a Minor, click here'.
5. Enter the details of the minor i.e. name, age. Also, names of nominees are to be added, maximum of five nominees can be added for a PPF account.
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6. Click on submit
7. Now download the form with the reference number given and submit the form at the branch within the 30 days along with KYC documents.
As can be seen here, opening a SBI PPF account is simple and does not take much time.