PPF account wants to be opened in SBI, go here the whole process

To invest in SBI PPF, the customer has to fill a Form-A and submit it along with the necessary documents to any branch of SBI.

New Delhi: If you want to invest for a long time, then the Public Provident Fund (PPF) is a great option. In this, where a better interest rate is available, income tax exemption can be availed at three places. The customer gets the benefit of income tax exemption on the investment amount in PPF, on the interest income and then on the maturity amount.

To invest in SBI PPF, the customer has to fill a Form-A and submit it along with the necessary documents to any branch of SBI.

Also Read: Online application for PAN card is very easy, this is the way

Who can open an account – PPF account can be opened by any adult Indian citizen. – On behalf of the minor child, his mother or father can open PPF account. Only one PPF account can be opened by one person.

Which documents will be required- Copy of PAN card with Form-A / Form 60-61, Passport size photo, ID proof and residence certificate copy and nomination form as per the KYC rules of the bank are required.

Interest rate The interest rate on
PPF account is fixed by the government every three months.

Investment amount At
least 500 rupees and maximum Rs 1.5 lakh can be invested in a PPF account in a financial year. Investments can be made in lump sum or up to 12 installments.

If the investor does not invest even a minimum of 500 rupees in the PPF account till the completion of the financial year, then a penalty of Rs 50 per year is charged.

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