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Business News » PPF News

SBI PPF account opening: This small savings scheme offers numerous benefits; know features and how to do it!

Public Provident Fund (PPF) offers assured returns and is a safe investment instrument and is one of the most attractive small savings schemes (SSS). If you are planning to open a PPF account and don’t know about its benefits and how to do it, then here is your guide to do so! 

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SBI PPF account opening: This small savings scheme offers numerous benefits; know features and how to do it!
Account can be opened with minimum amount of Rs 500 while the maximum annual limit is Rs 1.5 lakh. Source: PTI
Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Wed, Nov 04, 2020
05:01 pm
new delhi, ZeeBiz WebDesk
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Public Provident Fund (PPF) offers assured returns and is a safe investment instrument and is one of the most attractive small savings schemes (SSS). If you are planning to open a PPF account and don’t know about its benefits and how to do it, then here is your guide to do so! 

This is a government scheme and any resident individual is eligible to buy it. You can open a PPF account in any post office or bank.  If one talks about the bank, the most popular scheme is the SBI PPF. This account can be opened by visiting a bank branch or also via online mode.  

How to open SBI PPF account? 

  1. Your Aadhaar number should be linked to your bank account. Your mobile number should also be registered with the bank to receive OTP from the bank   
  2. Login into you SBI account with your User Id and Password. 
  3. Click on the 'Request and enquiries' tab now. 
  4. You will see a dropdown menu. Select ‘New PPF Accounts’ option. You will be directed to a PPF page. You will be able to see your PAN (Permanent Account Number) number and existing customer details. 
  5. Proceed after verifying your name and other details. 
  6. You will see a dialog box after submitting, which will say that you form has been successfully submitted. You will also have a reference number. 
  7. Download the form which has the reference number. Print the form and complete the KYC formalities within 30 days. 

Features and benefits: 

Account can be opened with minimum amount of Rs 500 while the maximum annual limit is Rs 1.5 lakh. The maturity period is 15 years. It can be extended for another 5 year. The interest rate is decided by the Government of India. The current rate being offered is 7.10 per cent. 

The interest is paid every year on 31 March.

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A loan can be taken on your PPF money. It also offers tax benefits.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
PPFsmall savings scheme
RELATED NEWS
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PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help PPF Calculator: You can double Public Provident Fund income and save income tax outgo - you will need this help
PPF Calculator: Your Public Provident Fund account can make you crorepati! Follow this earn while you sleep strategy PPF Calculator: Your Public Provident Fund account can make you crorepati! Follow this earn while you sleep strategy
Money tip: This plan set to give more money than PPF, FD or even RD Money tip: This plan set to give more money than PPF, FD or even RD
PPF vs NPS: Which is better? Look at these calculations PPF vs NPS: Which is better? Look at these calculations

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