INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) offers the option of opening public provident fund (PPF) accounts.State Bank of India (SBI), the largest lender of
the country, offers the option of opening a public provident fund (PPF) account to its customers
PPF accounts come under the small savings scheme of the government
Interest rates of small savings schemes like PPF are decided every quarter
The current interest rate on PPF deposits is fixed at 7.6 per cent with effect from April 1, 2018
SBI said that the PPF scheme offers an investment avenue with decent returns coupled with income tax benefits.Here are five things you need
scheme, 1968, you have to fill Form A and submit it at any SBI branch with relevant documents
The PPF account will be opened in one of the branches
Mention the name of the SBI branch where you wish your PPF account to be opened on Form A, said SBI on its website sbi.co.in.2) Eligibility
for investing under Public Provident Fund (PPF) Amendment Scheme, 2016A Public Provident Fund (PPF) account can be opened by resident Indian
Individuals and individuals on behalf of minors.Only one Public Provident Fund (PPF) account can be maintained by an individual, except an
account that is opened on behalf of a minor.A Public Provident Fund (PPF) account can be opened either by the mother or father on behalf of
their minor son or daughter
However, the mother and father both cannot open Public Provident Fund (PPF) accounts on behalf of the same minor.Grandparents cannot open a
Public Provident Fund (PPF) accounts on behalf of minor grandchild
However, in case of death of both father and mother, grandparents can open Public Provident Fund (PPF) accounts as guardians of the
grandchild.3) Documents required for opening a Public Provident Fund (PPF) account with SBIPPF account opening form (Form A )Nomination
FormPassport size photographCopy of PAN card/ form 60-61ID proof and Residence proof as per Bank's KYC norms4) Withdrawal of funds from
PPF accountsCustomer can make one withdrawal every year, from the seventh financial year, of an amount that does not exceed 50 per cent of
the balance of the customer credit at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of
the preceding year, whichever is lower.5) Minimum and maximum amounts that can be invested in PPF accountsThe minimum deposit amount is Rs
500 per annum and the upper ceiling limit is Rs
