SBI PPF Scheme: Whoever wants to join the investment scheme for a long period and wants to keep his invested money completely safe as well as get good returns, then we are going to tell you about a great scheme in the article.
Through this article, we are going to tell you in detail about the PPF scheme run by the State Bank of India, which will prove to be a good option for such people who want to keep the money safe for a long period and want to get good returns in return.
If you also want to join the PPF scheme of State Bank of India, then you have to read the information given in the article carefully so that you get to know complete information about this scheme. Let us tell you that PPF scheme is a long term and safe savings option which provides tax free returns.
Benefits of PPF Scheme
- SBI PPF scheme is guaranteed by the government in which there is no financial risk of any kind on the money deposited by you.
- The money deposited under this scheme, the interest received and the maturity amount are all completely tax free.
- You can join this scheme for a period of 15 years. Apart from this, you can continue this account for five more years.
- In addition, if you need money, you can also make a partial withdrawal after 5 years.
SBI PPF Interest Rate
SBI PPF account offers you an interest rate of 7.01% on every year’s investment, which grows your invested money over time. Apart from this, this scheme is based on compound interest, that is, every year interest is added to your principal and the next interest is added on ten percent of the amount.
What to do after 15 years
PPF account offers three options to all account holders after maturity, which are as follows:-
- You can withdraw the entire deposit amount and interest together.
- Apart from closing the account, you can extend it for another 5 years.
- All you account holders can continue the account for new investment.
How will you be able to deposit 24 lakh rupees?
Now let’s talk about how and by when you can collect a fund of 24 lakh rupees with a daily saving of just 250 rupees in this scheme. So its calculation is also very easy. If you save 250 rupees daily, then your monthly savings become 7500 rupees and if you see it on an annual basis, then you save 90,000 rupees. You will have to invest this money in PPF every year for 15 years.
Actually the investment limit in SBI PPF Scheme is 15 years. That is, in 15 years, at the rate of 90,000 rupees every year, your total deposit will be 13,50,000 rupees and if you look at the interest received on it at the rate of 7.1 percent, then it will become 10,90,926 rupees and you will get a total of 24,40,926 rupees on maturity.
How to open an account under SBI PPF scheme?
To open SBI PPF bank account under State Bank of India, all of you can follow the following steps given below:
- To open a PPF account, first of all you have to go to your nearest SBI branch.
- After this you have to go there and get information related to the application.
- All of you have to get the application form and enter the required information in it.
- After this you have to attach the required documents like Aadhar card, PAN card, passport size photo.
- After this all of you have to submit your application form.
- After this the application form will be verified by the officials.
- After everything is found correct, your PPF bank account will be opened.
