SBI is one of the most prestigious public sector bank in our country. In the year 1968, this scheme of Public Provident Fund was launched by the National Savings Organization. The motive of the organization is to habituate citizens of savings. This very scheme offers good returns and interest free spending also. For the name SBI has been in the market for long, it’s believed to be most assured and attractive.
Interest rates on the SBI PPF are quite well determined. SBI as a bank offers lucrative interest rates for PPF holders. Presently, SBI interest rate is fixed at 8.7% per annum and gives a better interest rate than other investment options and schemes which are fully tax free.
SBI PPF is a golden government PPF scheme which is spread through various SBI branches, Post offices and all bank branches in India.
Interest rates on SBI PPF was quarterly announced by the Government. The threshold limit on the PPF is set off at 1, 50,000 per annum and with a tenure of exactly 15 years. This account generally permits loans against them and offer all facilities of taxation, nomination, PPF management etc. You can visit a working branch, fill the PPF form and carry out the required formalities.
There were times when PPF schemes could only be proposed through post offices, but a number of authorized bank branches can be approached. Obtaining a PPF account is not that difficult because most handling is through cash deposits. However, post offices do not provide online cash deposit which is the best to do!
All documents to open a PPF account can be easily filed with the account opening form. The documents as mentioned below must be filed with the account opening form:
- Filled up PPF opening form
- One Identity Proof
- One Address proof
- A passport size photo
SBI as a bank just needs to attest the documents and submit the documents for cross verification for opening an account.