2023 2024 Student Forum - PPF Account In State Bank Of India Online

SBI offers PPF scheme for an initial duration of 15 years after which customers can request extensions in blocks of 5 years. One or more such 5 year blocks can be requested by customers.

Eligibility Criteria

All Indian individuals can avail the SBI PPF scheme either in their own name or in the name of minors. Hindu undivided families are not permitted to avail a single PPF scheme in their name

Investment limit for PPF account
A minimum investment of Rs.500 per annum or a maximum of Rs.1,50,000 per annum can be deposited as PPF amount.

Any amount higher than Rs.1,50,000 earns neither interest nor any tax rebate and hence should not be invested. The

Interest Rate

SBI offers an attractive interest rate for PPF account holders. Currently, the rate is 8.7% per annum and translates into a better rate than any other investment option since the returns earned are totally tax-free.

Features And Benefits

Nomination Facility
SBI PPF scheme offers nomination facility to customers. This nomination can be made in terms of the number of PPF shares too.

Tax benefits applicable on SBI PPF scheme
The interest earned is totally exempt from income tax under section 88 of the Income Tax Act.

Loans and withdrawals against SBI PPF account
Loans from SBI against SBI PPF accounts are permitted. Similarly, partial withdrawals also are allowed on SBI PPF accounts.

However, the loan amount and the amount of partial withdrawal is subject to the age of the PPF account and to the PPF balance on any given date.

Transfer of SBI PPF Account
The SBI PPF account can be transferred to any other bank or any other SBI branch or even to post office PPF upon transfer request by customer.

This transfer of PPF account is totally free of any service charge.

For more Detials you may Contact the Nearest branch of the State Bank of India