State Bank of India is one of the oldest banks in India. The people of the country have a lot of faith in it. Many facilities are started by SBI from time to time for all the people of the country so that the people of the country can get its benefit.
Recently, the facility of PPF account has been started by the State Bank of India for the people of the country. If you want to secure your future completely, then SBI PPF Account is the best option for you. By opening this account, you also get many benefits, about which we will know in detail further.
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SBI PPF Account is very beneficial for the future
SBI PPF Account is a very good option for any person in the country who wants to secure his future completely. The full form of PPF is Public Provident Fund. When you open a PPF account, you get interest at the rate of 7.1%. Not only this, you also get the benefit of compound power by investing in PPF account.
In PPF account, you do not have to pay any kind of tax on Maturity Amount, earned returns and overall interest. When you invest 1.50 lakh in SBI PPF account, you are also given tax exemption. Next, we also explain you the process of opening SBI PPF account so that you can secure your future by opening this account.
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You can start a PPF account with just Rs 500.
The minimum amount required to open a PPF account is only Rs 500 while the maximum investment limit has been kept at Rs 1.50 lakh per annum. Remember that your SBI savings account should be linked to your Aadhaar card number. To open a PPF account, OTP comes only on the number linked to the Aadhaar card.
SBI PPF account matures in 15 years
SBI PPF account matures in 15 years. Along with this, you also get the facility that when your PPF account is about to mature, you can also extend it for 5 years. For this, the account has to be increased 1 year before the completion of maturity.
When you open a PPF account, you cannot withdraw money from it until the account is 5 years old. If you withdraw money before 15 years, then 1% is also deducted from your fund.
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