How to open a PPF account at SBI Bank
State Bank of India PPF Account stands for Public Provident Fund Account and it is one of the favorite tax saving options. The PPF Scheme had come into effect in the year 1968 under Section 80C introduced by the Central Government. It helps the general public to gain rebate of 8% on Income Tax by creating payments to the fund. Opening a PPF Account with SBI is very simple as anybody who is an adult citizen or above can open it for themselves or on behalf of minors under their custodians. Investment on PPF can be done with the minimum deposition of Rs. 500/- per year & the maximum of Rs. 70,000/- annually.
SBI PPF Account Online
State Bank of India PPF Account Online is one of the favorite options to make the stress-free and a click away dealing with the SBI. Online transactions can be done easily by registering yourself with the SBI. The account application form is available on the official website of the bank. The status can be checked online and the statement should be checked periodically to ensure fair and satisfactory dealings.
SBI PPF Account Opening Form
You can download the application form from the official website of the bank or get it directly from any of its branch located nearest to your area. State Bank of India online payment can be done through the website of SBI by obtaining user ID & password through registration. SBI PPF branches are well flourished across the nation and serving the citizens at a large level. Details of the branches are given on the bank’s website. Documents required for opening the account are ID Proof, Passport photocopy or Ration Card. Comprehensive details on how to open the SBI PPF Account can be easily availed from the bank’s website.
SBI PPF Account Transfer
State Bank of India PPF Transfer is possible from a branch of SBI to the post office and from a post office to the branch. However, it is not possible to do transfer from an individual to another. The receipt is given to the customers on deposition of money in the account. Withdrawal has certain terms and conditions which are detailed on the SBI website.
SBI PPF Account Interest Rates & Loans
The interest rates keep on changing from time to time as per the Government announcement. At present, the current rate is 8% and the interest is compounded yearly. PPF Account Loan can be obtained upto 25% of the available balance on completion of the 1st financial year from 3rd to 6th year. Thus, 2nd loan can be obtained on bill of the 1st loan.
Complaints can be registered via touch screen device available at the branches for the customer response. PPF Rules states that the customer can discontinue with the account anytime, but the repayment of the interest will be made after 15 years since the year on which the account was opened. It is advisable for the customers to use PPF Calculator in order to calculate the maturity value. The calculator is an easy and a simple task to find out the amount of maturity value. The account number is obtained as soon as the registration process is over.
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November 27, 2010