PPF account online SBI: Make money, enjoy comfortable lifestyle; see how to get it all

PPF account online SBI: A comfortable job that is also challenging and mentally fulfilling that also pays well is what every person eager to make a mark wants. While the present can be looked after, what happens 15 years or so later? Not sure? Join the club. Many are in the same boat as you. Well, if you take care of your future  now, you will have money to spare for almost everything later on. What more can one ask for? How? Read on, here is a win-win option for you.

India's largest lender State Bank of India (SBI) offers its customers an opportunity to open a Public Provident Fund (PPF) account with it. This scheme is a small savings scheme which was introduced by the Government of India in 1968 to encourage habit of saving among the people. This scheme is a safe investment option, especially in these times when investments in markets have let many people down. 

What are PPF benefits? It provides the depositor twin benefits of attractive return and income tax savings. It is one of the most popular investment instruments among investors, especially those with less risk appetite.

You can buy it online or from any SBI branch.The interest rate on PPF is payable as per the Gazette Notification issued in each quarter by the Ministry of Finance. The existing PPF interest rates declared by the government is 7.1 per cent.
 
Know these important PPF account features:

-- Minimum investment limit is Rs 500 while the maximum limit is Rs 150000 in a year.

-- Duration for deposit is 15 years which can be extended by 1 or more blocks of 5 years each.

-- Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates.

-- Presently, the subscriptions to the account qualify for deduction under Section 80 C of IT Act. The interest credited to the account is totally exempt from Income Tax. The amount standing to the credit of the account is fully exempted from Wealth Tax.

-- You can declare a nominee of your account. The shares of nominees may also be defined by the subscriber.

-- You can open it online if you have a bank account and internet banking options and your KYC is updated.

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-- 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 charges.