State Bank of India has been the most important bank in the country. In the year 1968, the Public Provident fund PPF was launched by the National Savings Organization (the authorizing body). The motive of the company is to extend a good life to the citizens of India. The plan offers attractive interest rates and good returns for improved acceptability and absorption. For the longest, State Bank of India has been reposing faith into the market. This brand is believed to be the most trusted amongst the other market leaders.
This bank offers lucrative interest rates for the account holders. All PPF holders get an additional benefit in terms of lucrative interest rates. Presently, the SBI interest rate is ascertained at 8.7% per annum and this is much better than other investment schemes which are considered to be fully tax-free.
Read More: Invest in PPF to Save Taxes Now
SBI PPF is a golden government PPF scheme which is available through different SBI branches, Post office branches and banks in India too.
Interest rates on SBI PPF were quarterly presented out by the Government. The maximum limit on the SBI PPF is fixed at the value of 1,50,000 annually for a span of 15 years (this is fixed and cannot be violated). This account is as good as a pool that allows loans and other facilities like taxation, nomination, PPF and what more. The best to do is to fill a simple PPF form and carry out all probable formalities for closure.
There can be instances when PPF is introduced by many authorized banks and post offices which an above acceptable interest rate.
Opening a fresh PPF account is not that difficult considering the cash deposit dealings. Most post offices offer the facility of online deposits which is the most convenient to do.
Having discussed SBI PPF, we are quite clear about the facilities and the simplicity of processes. A PPF account can be easily be opened with an account opening form.
The below-highlighted documents are required to be filed when filling the opening form as shown under:
- PPF Opening Form
- Anyone Identity Proof
- Anyone Address proof
- A passport size photograph
At the last stage, the State Bank of India further attests the submitted documents and cross verified the account opening formalities.