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Things Must Know About SBI Public Provident Fund

Introduced by the National Savings Institute of the Ministry of Finance in 1968, the Public Provident Fund is a government-backed investment scheme that mobilizes small savings and provides reasonable returns combined with income tax benefits. As per the latest update, the government has notified new PPF rules or Public Provident Fund Scheme, 2019, thus replacing Public Provident Fund Scheme, 1968 under the Government Savings Promotion Act, 1873.

The new PPF rules are effective from 12.12.2019. The current interest rates are as follows - 8.0% for April 2019 - June 2019 and 7.9% for July 2019 - March 2020.

Features of PPF

The key features of this scheme are:

Returns are fully exempt from tax as per Section 80C of the Income Tax Act, 1961.
Good for long term investments - 15 years or more.
Option to deposit a minimum amount of Rs. 500 to begin with. The maximum amount per financial year cannot exceed Rs. 1.5 lakhs.
Partial withdrawals can be made post 7th policy year.
Loan facility is available between 3rd to 6th financial year.
PPF can be renewed for 5 more years post maturity after 15 years.
PPF contributions can be made in lump sum or 12 successive installments in a year.
PPF account can be easily transferred from one branch to another.

SBI Public Provident Fund

The State Bank of India offers the facility to open a PPF account within a few minutes. Customers can open a SBI PPF account online anytime, 24x7. The entire process is fast, paperless and hassle-free. You can utilise the bank’s digital channels (website and mobile banking/Mobile App) for opening a PPF account.

Opening a PPF Account Online

PPF Account Online

You need to hold a savings bank account with SBI
Register for Net/Internet Banking with customer id and password
Ensure that your Aadhaar card is linked to the savings bank account
Ensure that your mobile number is registered with your Aadhaar card
Visit the SBI Portal - onlinesbi.com and login with your registered customer id and password
Select New PPF Account
You will be redirected to the New PPF Account page where customer details will be displayed
Enter your SBI bank account number from which you would like to contribute to PPF account and PAN number
Provide the branch details and branch code (IFSC code)
Verify your personal and nomination details
Post verification, a PPF account will be created in a few seconds along with a PPF account number
Print the account opening PPF online form
Visit the SBI branch with KYC documents and a photograph within 30 days
Post submission, your PPF account with SBI will be activated

In case you are not comfortable with the online mode, you can simply visit any branch of SBI with the following documents:

Form A or PPF account opening form
Passport-size photograph
Any address proof of the individual as per Know Your Customer (KYC) norms
Nomination form
Copy of the Permanent Account Number (PAN) must be submitted

Conclusion

As per the Indian government, an individual is allowed to open a single PPF account in his/her name. NRIs, joint account holders and HUFs are not eligible for opening a PPF account online. With over 15,000 branches across India, SBI is the largest bank in India. Opening a PPF account offered by SBI can be done online and offline.

Recommendation: SBI PPF Calculator

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