SBI PPF is one of the Best Saving Schemes. For short term period, you can go with SBI PPF and here SBI PPF Calculator to calculate the interest earned on the PFF saving schemes. Under SBI ppf saving schemes, you can enjoy 8.1% of interest rate for 5 year of lock in period. But SBI PPF is quite popular saving scheme and traditional too. For short term gain, you can use SBI PFF scheme. It also gives you tax benefit on saving amount.
How to open PPF account in State Bank of India?
To open Public Provident Fund (PPF) account in SBI, you can open it online using SBI net banking at SBIonline or you can open PPF account at SBI branch too. You need to go SBI branch with all required documents (which is mentioned below) and check for the PPF account opening form. You can get PPF Account opening form from the SBI branch easily. Below is list of documents required or documents you need to carry at SBI branch to open PPF account.
Documents required to Open SBI PPF Account
To open PPF account at any sbi branch, any Indian citizen can open PPF account if he/she has below mentioned documents;
- PPF account with all mentioned details
- ID proof (you can bring Pan card, Voter ID, Aadhar Card or driving licence)
- Address proof (telephone bill or light bill)
- 2 passport size photo of yours
Apart from SBI, you can open PPF Account in post office too. But due to less number of post offices, people prefer to open PPF account in SBI. You can get net banking access to your PPF account and other benefits too.
If you find any difficulty in filling PPF opening form, you can take help of SBI staff; they will surely help you to fill account opening form.
Rules of SBI PPF account
To earn good interest, you need to follow some basic rules too. Check out the Rules of SBI PFF Accunts as mentioned below;
- Duration: – Duration of money deposited in PPF account will be 15 years. But after block of 5 years, you can withdraw partial amounts.
- Limit :- Total amount in one year deposited in PPF account should not be more than Rs.1.5 lac. From Rs.500 to Rs.1,50,000 can be deposited in PPF account. If you deposit more than 1.5 lac in PPF account, it will not gain any interest from SBI, also you will not get any tax benefit too.
Who can open PPF account in india?
Any Indian citizen with having official document can open PPF account in SBI. You can open PPF account of yourself or you can open PPF account for children’s too.
Benefits of SBI PPF account
- Tax benefit: – you can save tax up to Rs.1.50 lac (money deposited in PPF account and interest earned by you) under 80C act of Income tax india.
- Transfer to Any of the branch :- you can transfer your PPF account one SBI branch to another. As SBI is having largest chain of bank branch in india, you can avail that benefit too.
- Nominee:- you use nominee facility to transfer ppf amount after your death. You can mention nominee in your account opening form too.
- Loan facility: – In case between of lock in period, you need money for any purpose, you can get loan against your PPF account amount.
SBI PPF Calculator 2016
As we have mentioned above, SBI is giving 8.1% of interest rate on PPF account per annum. Using SBI ppf calculator, you can calculate how much money you will earn after 15 years. To use the SBI PPF calculator, you need to visit the below mentioned calculator link, Enter how many years from now you will deposit money in ppf account, yearly or half yearly or monthly subscription option and PPF tenure. Select these things in SBI PPF calculator; you will get your maturity value of PPF account deposit amount instantly.
Click here to use SBI PPF Calculator now.
Can we transfer PPF account from Post office to SBI?
Yes, you can transfer easily. To transfer PPF account from post office to SBI (or SBI to post office), you need to fill SB-10B transfer request form. After filling the transfer request form, you need to attach your photo id proof along with your application form. The organization will review your request and generate Chque or demand draft on your name and which you can deposit in your new PPF account.
This way, you can transfer your PPF account from Post office to SBI (and vice versa). For more updates on PPF and other investment option, keep visiting Best Term Plan.