Here is a simple SBI PPF calculator that will provide you the Maturity amount, Total Interest earned on your investments.
The current PPF Interest rate in SBI is 8.0 %.
The PPF Interest rate in SBI is revised quarterly by the Govt of India. All the Commercial Banks of India including SBI, ICICI Bank, HDFC Bank, etc follow the same.
SBI PPF calculator
SBI (State Bank of India) is the largest public sector commercial Bank in India having the largest number of branches in India.
How to open the SBI PPF account?
You can open SBI PPF Account can be opened in any of the branches of the State Bank of India. You only need to give your KYC (know your customer) docs to the Bank for proof of identity and proof of residential address along with the initial deposit amount. A minimum amount of Rs 500 to a maximum of Rs 1.5 Lac can be deposited into the SBI PPF account.
Open PPF account in SBI online
You can open PPF account in SBI online if you have
- Existing Savings Bank account with SBI
- net-banking/Mobile banking enabled for your account
- Your Aadhar number should be linked to your SBI account
- Your mobile number which is linked to your Aadhaar should be able to receive OTP (one-time password)
Visit the SBI website www.onlinesbi.com and login with your credentials. Once you have logged in, click on the “New PPF account” option and complete the required process to open your PPF account in SBI online. Once completed, you can then deposit the money in your new SBI PPF account online as well.
PPF stands for Public Provident Fund. It is a saving scheme with tax incentives from the Government of India. It was introduced by the National Savings Institute of the Ministry of Finance in 1968.
The aim of the scheme is to mobilize small savings of Indians by offering an investment with reasonable returns along with income tax benefits. The scheme is backed by the Central Government. Money in the PPF account cannot be attached under any order or decree of court except the tax officials can attach the same for recovering tax dues.
Eligibility for SBI PPF
All Residents of India can open the SBI PPF account and are eligible for tax-free returns. Once opened if a resident Indian becomes nonresident, he can continue to operate his PPF account. NRI’s cannot open a PPF account.
Features of PPF
- The attractive interest rate of 8% backed by Govt of India
- Returns fully exempted from Income Tax under section 80C
- Good long-term investments of 15 years
- Deposit Amount as low as Rs.500 and maximum Rs.1,50,000 in one financial year
- Deposits can be done in a maximum of 12 transactions
- Partial withdrawal facility can be availed from 7th financial year onwards
- The account can be extended in a block period of 5 years after maturity
Duration of PPF
The original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.
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