SBI PPF Latest interest Rate 2023: Knowing the benefits of opening SBI PPF Account, if you are also thinking of opening a Public Provident Fund, then SBI Bank gives the Bumper interest, SBI gives a lot of interest to your customers on PPF Account.
State Bank of India is one of the oldest banks in India, on which the people of the country trust a lot. Many facilities are launched by SBI from time to time for all the people of the country so that the people of the country can be benefited.
Recently, the facility of PPF account has been started by the State Bank of India for the people of the country. If you want to secure your future completely, then SBI PPF Account is the best option for you. Because by opening this account, you also get many benefits, which we will know in further detail.
SBI PPF Account is for future, very profitable
SBI PPF Account is a very good option for any person of the country who wants to secure his future completely. The full form of PPF is Public Provident Fund. When you open a PPF account, you get an interest rate of 7.1% in it. Not only this, you also get the benefit of Compound Power by investing in PPF Account.
In PPF account, you do not have to pay any kind of tax on Maturity Amount, Earned Returns and Composite Interest. When you invest 1.50 lakh in SBI PPF Account, you are also given tax exemption.
Next, we also explain to you the process of opening SBI PPF Account so that you can secure your future by opening this account.
You can start PPF account with only Rs.500
The minimum amount required to open a PPF account is only Rs 500, while the maximum investment limit has been kept at Rs 1.50 lakh per year. But remember that your SBI Saving Account should be linked to your Aadhar Card Number. Because to open PPF account, OTP comes only on the number linked to the Aadhaar card.
SBI PPF Account matures in 15 years
- SBI PPF Account matures in 15 years. While you also get the facility that when your PPF account is about to mature, you can also extend it for a further 5 years. For this, the account has to be increased 1 year before the completion of maturity.
- When you open a PPF account, you cannot withdraw money from it until the account is 5 years old. If you withdraw money before 15 years, 1% is also deducted from your fund.
Who can open SBI PPF Account
Any person can open this account. Not only this, on behalf of the minor child, any person from his family can also open this account.
Important Documents For SBI PPF Account
You can easily open SBI PPF Account online. For this you must have some important documents such as –
- Enrollment form
- Aadhar Card
- PAN card
- Residence certificate
- Passport size photo
Know how to open SBI PPF account online in 10 steps.
- Log in to your SBI Online account
- Now click on the ‘Request and enquiries’ tab.
- Click and select the option ‘New PPF Account’ from the drop-down menu.
- You will be redirected to the ‘New PPF Account’ page. Enter details other than PAN number.
- If you want to open an account in the name of a minor, then you have to check that tab.
- If the account is not to be opened in the name of a minor, then you have to fill the branch code in which you want to open your PPF account. Bank branch information will have to be given.
- Verify you personal information address and nominee. After verification click on Proceed.
- After submission, a dialog box appears saying ‘Your form has been submitted successfully’. It will also have a reference number.
- Now you have to download the form with the given reference number.
- Print the account opening form from the ‘Print PPF Online Application’ tab and submit within 30 days to the bank branch along with KYC documents and a photograph within 30 days.
