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SBI PPF Deposit Form
Public Provident Fund (PPF) is a popular long-term investment option scheme. It is backed by the Government of India and also offers attractive interest rates and returns with safety. These returns are fully exempt from tax under Section 80C of the Income Tax Act. Investors can save tax from Rs.500 to a maximum Rs.1,50,000 in one financial year and can get facilities such as loan, withdrawal, and extension of account.
Features of PPF
- Investment Limits A minimum of Rs.500.00 subject to a maximum of Rs.1,50,000 per annum may be deposited.
- The original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.
- The rate of interest is determined by Central Govt. on a quarterly basis. At present, it is 7.90% per annum with effect from 01.10.2019.
- Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates.
- Income Tax benefits are available under Sec 88 of the IT Act.
- Nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber.
- The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber. The service is free of charge.
Here are steps to open SBI PPF account online:
1) Log in to SBI online account. Click on the ‘Request and inquiries’ tab from the top right corner.
2) From the drop-down menu, you will have to click on the new PPF account.
3) After clicking on it, you will be directed to a page containing account details.
4) If you want to open the account in the name of a minor, then you need to check on the tab which says ‘If the account to be opened in the name of a Minor, click here’.
5) Fill the details of the minor (name, age). You also need to fill the relationship with the applicant, in case you want to open the account in the name of a minor.
6) If the account is not to be opened in the name of the minor, then you need to fill the branch code in which you want to open your PPF account.
7) After putting the in-branch code, you will be asked to put in the names of nominees. A maximum of five nominees can be added for a PPF account.
8) After submitting, a dialogue box will appear saying, ‘your form has been successfully submitted’. It will also have the reference number.
9) Now you need to download the form with the reference number given.
10) After downloading the form, you need to print and fill the form and submit it at the branch within the 30 days along with KYC documents.
Terms & Conditions
- The subscriber should not deposit more than Rs.1,50,000 per annum as the excess amount will neither earn any interest nor will be eligible for rebate under the Income Tax Act. The amount can be deposited in a lump sum or in installments.
- Interest is calculated on the minimum balance( in PPF Account) between 5th day and end of the month and is paid on 31st March every year
- Interest income is totally exempt from Income Tax. The amount outstanding to the credit is fully exempted from Wealth Tax also.
- An account holder shall be allowed premature closure of his account or the account of a minor or person of unsound mind of whom is the guardian on an application to the accounts office in Form-5, on any of the following grounds, namely
- i) treatment of life-threatening disease of the account holder, his spouse or dependent children or parents, on the production of supporting documents and medical reports confirming such disease from treating medical authority
- ii) higher education of the account holder or dependent children on the production of documents and fee bills in confirmation of admission in a recognized institute of higher education in India or abroad
- iii) on change in residency status of the account holder on production of a copy of Passport and visa or Income tax return.
Download the SBI PPF Deposit Account Opening Form in PDF format using the link given below.PDF's Related to SBI PPF Deposit Form