#1
20th September 2017, 03:11 PM
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State Bank Of India PPF
Hi buddy I want to know about State Bank Of India Public Provident Fund (PPF) Scheme, so would you plz let me know about the same , as my father want to open its account there ??
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#2
21st September 2017, 08:06 AM
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Re: State Bank Of India PPF
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services company. State Bank Of India Public Provident Fund (PPF) Scheme, introduced by the National Savings Organization in 1968 to mobilize small savings. The Scheme offers an investment avenue with decent returns coupled with income tax benefits. Eligibilty Individuals in their own name as well as on behalf of a minor can open the account at any Branch. As per extant instructions, opening of PPF accounts in the name of Hindu Undivided Family is not permitted. Duration Of Scheme Original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each. Rate Of Interest The rate of Interest determined by Central Govt. on quarterly basis. At present it is pegged at 7.90% per annum with effect from 01.04.2017. Interest is paid on 31st March every year. Interest is calculated on the minimum balance between 5th day and end of the month. Loans And Withdrawals Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates. Tax Benefits Income Tax benefits are available under Sec 88 of IT Act. Interest income is totally exempt from Income Tax. Amount outstanding to the credit is fully exempted from Wealth Tax also. Bank profile : Type Public Traded as NSE: SBIN BSE: 500112 LSE: SBID BSE SENSEX Constituent CNX Nifty Constituent Industry Banking, financial services Founded 2 June 1806, Bank of Calcutta 27 January 1921, Imperial Bank of India 1 July 1955, State Bank of India 2 June 1956, nationalization Headquarters Mumbai, Maharashtra, India Area served Worldwide Key people Arundhati Bhattacharya (Chairman) Products Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, securities, asset management, wealth management, credit cards Revenue 298,640.45 crore (US$47 billion) (2017) 273,461.13 crore (US$43 billion) (2016) Operating income 50,847.90 crore (US$7.9 billion) (2017) Profit 10,484.10 crore (US$1.6 billion) (2017) 9,950.65 crore (US$1.6 billion) (2016) Total assets 2,705,966.30 crore (US$420 billion) (2017) Total equity 144,274.65 crore (US$22 billion) (2016) Owner Government of India (57.97%) Life Insurance Corporation of India (10%) Number of employees 209,567 (2017) 207,739 (2016) Capital ratio 13.12% (2016) |