SBI gives you the facility of online money transfer from Public Provident Fund (PPF) account to your SBI Net Banking account. In addition, the facility to view balance information in the account is also given online. Let’s know everything about it …
PPF is constantly being discussed for the last two days. This time the discussion is about interest rates. The central government first announced the reduction of interest rates. Then after a few hours the decision was withdrawn. Those who invest in PPF will now get interest at the rate of 7.10 percent from April 1, 2021 to June 30, 2021. This decision of the government has also brought immense relief to the working class, among whom public provident fund i.e. PPF is an option for popular investment. SBI, the country’s largest state-run bank, has answered some important questions related to PPF accounts. Let’s know…
What documents are required to open a PPF account in SBI?
SBI has stated on its website that to open PPF account, PPF account application form (Form A)
A nomination form, passport size photograph, PAN card / photo copy of Form 60-61, identity and residence proof will be required as per KYC standards of the bank.
How much money can be deposited in a SBI PPF account in a year?
A minimum of 500 rupees and a maximum of 1.5 lakh rupees can be invested annually. The bank says that the customer should not deposit more than 1,50,000 every year. Because there will be no interest on the additional amount, nor will there be exemption under the income tax rules. The amount can be deposited in a lump sum or a maximum of 12 installments per year.
After how many years you can withdraw money
We cannot withdraw money for 15 years. However, it can be extended for 1 or more blocks of 5 years on application by the customer.
The rate of interest is determined by the central government on a quarterly basis. At present it is 7.10 per cent per annum which has come into force from 01.04.2021.
What if nobody has deposited any amount for one or more financial years?
If the customer does not deposit a minimum of 500 rupees till the end of the financial year, then a penalty of 50 rupees will be collected from him every year.
How much money was deposited in SBI PPF account… know how
According to the information given on the SBI website, you can login to your SBI bank account and get all the details.
Sign in to the SBI Net Banking account and log in to the SBI PPF account portal using the required information i.e. user name and password in the ‘Personal Banking’ tab.
Now you will see the dashboard of savings account and PPF account. Now click on PPF account dashboard and click on ‘Click Here For Balance’ tab to see the balance of PPF account.
Under this tab, you can also get the details of your last 10 transactions. Apart from this, under the ‘Click here to view the details of Matured / Closed Accounts’ option, you can take details of old, closed, matured and inactive accounts.
