SBI PPF Scheme: In today’s time, everyone thinks about their financial security and looks for the safest and most reliable options among the many investment options. State Bank of India’s (SBI) Public Provident Fund (PPF) scheme is proving to be an excellent and safe investment option in this context. Not only is your investment in PPF completely safe, but the interest rate received in it is also attractive. At present, you are getting an annual interest rate of 7.1% on the SBI PPF scheme, which helps your investment grow. So let’s know the key features of this scheme and its benefits.
Key features of the SBI PPF Account
By investing in SBI’s PPF scheme, you get a compound interest of 7.1%, which can turn your small savings into a big fund. If you invest ₹ 750 every month, after 15 years you will get a total return of ₹ 244,093. The interest given in this will continuously increase your amount, which will further increase the size of your savings over time. Let us know in detail the benefits of this scheme.
Big benefit from a small investment
The PPF scheme run by SBI is guaranteed by the Government of India, making it a completely safe and reliable investment option. A major feature of this scheme is that investors get the benefit of tax-free interest and maturity amount. This means that you will not have to pay any tax on the interest you will receive, which will increase your earnings.
If you invest ₹ 750 every month, then there will be an investment of ₹ 9,000 in a year. Continuing this for 15 years continuously, ₹ 135,000 will be deposited. But, due to the compound interest of 7.1%, you will get an additional interest of ₹ 109,093, which will make the total return ₹ 244,093. This scheme is not only safe, but it also offers good returns and tax-free benefits.
SBI PPF Scheme Rules
Some rules have been set for investing in the SBI PPF scheme. The minimum investment in it is ₹ 500 annually, which is easily possible for every person. The maximum investment can be up to ₹ 1.50 lakh per year. The investment period of this scheme is 15 years, which you can extend by another 5 years. Apart from this, tax exemption is also given in this scheme under section 80C. This means that you will get an exemption from income tax on the investment made in PPF, which can reduce your tax burden.
How to open a PPF account?
Opening a PPF account in SBI is very easy. You can open it both online and offline. If you want to open an offline account, then you have to go to your nearest SBI branch and fill out the application form to open a PPF account and submit the required documents. If you have an internet banking or mobile banking account with SBI, then you can easily open your PPF account from home and invest in it. In this way, opening a PPF account is extremely convenient and simple.
Why invest in the SBI PPF Scheme?
SBI’s PPF scheme is a safe and long-term investment option that gives your money a chance to grow and stay safe. If you are looking for good returns along with saving tax, then this scheme can be the best for you. Investors can easily secure their future by investing under this scheme.
Conclusion: SBI’s PPF scheme is a great and safe investment option that not only helps in saving tax but also offers attractive interest rates. If you want to grow your savings and expect good returns in the long run, then investing in the SBI PPF scheme can be a smart decision.
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