SBI PPF Account - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Sat, 08 Mar 2025 10:45:22 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png SBI PPF Account - Rightsofemployees.com https://www.rightsofemployees.com 32 32 PPF and Sukanya Yojana account holders should do this work by 31st March, otherwise the account will be closed https://www.rightsofemployees.com/ppf-and-sukanya-yojana-account-holders-should-do-this-work-by-31st-march-otherwise-the-account-will-be-closed/ Sat, 08 Mar 2025 11:28:12 +0000 https://www.rightsofemployees.com/?p=40816 New Delhi- Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) are popular investment schemes. In both these schemes, not only good interest is given, but also tax exemption is given. Currently, 7.1 percent interest is being given on PPF. Sukanya Samriddhi Yojana account can be opened only in the name of a girl child […]

The post PPF and Sukanya Yojana account holders should do this work by 31st March, otherwise the account will be closed first appeared on Rightsofemployees.com.

]]> New Delhi- Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) are popular investment schemes. In both these schemes, not only good interest is given, but also tax exemption is given.

Currently, 7.1 percent interest is being given on PPF. Sukanya Samriddhi Yojana account can be opened only in the name of a girl child below the age of 10 years by the parents or legal guardian. In both these schemes, it is necessary to deposit a minimum amount in a financial year. Therefore, if you do not make the minimum investment in both these schemes by March 31, your accounts may become inactive (closed) and you may have to pay a penalty to reactivate them.

Public Provident Fund (PPF): The minimum deposit for PPF account holders is Rs 500, which means you have to invest at least Rs 500 in it in a financial year. If you do not do this, your account may be closed. If you do not deposit this money, you will have to pay a penalty of Rs 50. Therefore, if you want to keep the account active and avoid the penalty, deposit the minimum required amount before March 31, 2025.

The minimum deposit amount in the Sukanya

Samriddhi Yojana is also Rs 250 per financial year. Currently, the interest rate in this scheme is 8.2%. If it is not deposited in the financial year, then the account can be closed. If the amount is not deposited on time, then an additional fee of Rs 50 will have to be paid. The SSY account remains valid for 21 years or can be closed on the marriage of the girl after the age of 18. However, partial withdrawal of money for higher education is allowed after the daughter turns 18.

Benefit of Tax Exemption

Investing in both PPF and SSY schemes provides the benefit of tax exemption under Section 80C of the Income Tax Act. Under this, tax can be saved on annual investment of up to Rs 1.5 lakh.

Related Articles:-

The post PPF and Sukanya Yojana account holders should do this work by 31st March, otherwise the account will be closed first appeared on Rightsofemployees.com.

]]> SBI PPF Account: How to Open PPF Account in SBI Online – Benefit of tax exemption https://www.rightsofemployees.com/sbi-ppf-account-how-to-open-ppf-account-in-sbi-online-benefit-of-tax-exemption/ Sat, 20 May 2023 12:28:31 +0000 https://www.rightsofemployees.com/?p=16746 If you are planning to open PPF account in State Bank of India to invest. So now you can do this work from home too. Public Provident Fund or PPF scheme is one of the most popular savings schemes in India.  This is a scheme that also helps a person to save tax money. In 1968, the National […]

The post SBI PPF Account: How to Open PPF Account in SBI Online – Benefit of tax exemption first appeared on Rightsofemployees.com.

]]> If you are planning to open PPF account in State Bank of India to invest. So now you can do this work from home too. Public Provident Fund or PPF scheme is one of the most popular savings schemes in India. 

This is a scheme that also helps a person to save tax money. In 1968, the National Savings Institute of the Ministry of Finance started this scheme with the aim of mobilizing small savings. It is precisely for this reason that the central government introduced PPF, an investment scheme where one can get reasonable returns along with income tax.

ccOn December 12, 2019, the central government launched the Public Provident Fund Scheme, which superseded the Public Provident Fund Scheme of 1968. At present, the interest rate in PPF in SBI is 7.10 per cent per annum and the tenure of the scheme is 15 years. To open an account under this scheme, you must have SBI savings account and net banking facility of SBI.

Will also get the benefit of tax exemption

Apart from this, your Aadhaar must be linked to your account and you must have a registered, active mobile number linked to Aadhaar where an OTP will be sent. Let us tell you that in this scheme you can start with an investment of at least 500 rupees. And can deposit up to a maximum of Rs 1.5 lakh annually. In this, you also get the benefit of tax exemption under section 80C.

How to open PPF account in SBI

  1. First of all go to the online portal of SBI and login using your branch.
  2. Then go to the ‘Request and Enquiries’ field and click on ‘New PPF Account’.
  3. Your name, address, CIF and PAN number will be displayed on the next page.
  4. In the next step, you need to enter the bank account number along with the branch details. Enter branch code to get branch details.
  5. Check your details and fill in the details of up to five nominees, and then click on ‘Submit’.
  6. Your PPF account will be created. You will get the PPF number on the screen.
  7. With the help of internet banking, you will also be able to view transactions and annual statements.
  8. You need to take a printout of the account application form and submit it to the SBI branch within 30 days from the date of opening the account.

 

The post SBI PPF Account: How to Open PPF Account in SBI Online – Benefit of tax exemption first appeared on Rightsofemployees.com.

]]>