State Bank Of India (SBI) Public Provident Fund (PPF) Scheme: 10 Things To Know
- Individuals in their own name as well as on behalf of a minor can open PPF accounts account in any SBI branch. Opening of PPF accounts in the name of Hindu Undivided Family is not permitted as of now, said SBI on its website, sbi.co.in. (Also Read: PPF Features, Interest Rate, Loan Facility, Partial Withdrawal And More)
- A minimum of Rs 500.00 subject to a maximum of Rs.1,50,000 per annum may be deposited in PPF accounts.
- Subscribers 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. (Also Read: 5 Key Questions Answered On Post Office Saving Schemes)
- The amount can be deposited in lump sum or in a maximum of 12 installments per year, according to SBI's website. (Also Read: Public Provident Fund Vs National Savings Certificates)
- The original duration of PPF accounts is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.
- Interest on PPF accounts is paid on 31st March every year. Interest is calculated on the minimum balance between 5th day and end of the month. (Also Read: How To File Income Tax Returns In Three Steps By March 31, 2018)
- Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates, SBI said.
- Income Tax benefits are available under Section 88 of I-T Act. Interest income is totally exempt from income tax. Amount outstanding to the credit is fully exempted from Wealth Tax also.
- A nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber.
- SBI allows subscribers to transfer PPF accounts to other branches/ other banks or post offices and vice versa upon request. SBI does not charge anything for this service.
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