The ppf public provident fund is a popular savingscumtax efficient avenue, which is backed by the government of india. How do i apply for the public provident fund ppf amendment scheme, 2016 through sbi. Faq public provident fund faqs state bank of india. You can also open an account in select nationalized banks, and the post office. Ppf accounts are transferrable tofrom any bankbranch, post office. Public provident fund ppf accounts held by non residentregarding. In case of minor account, guardians father name to be mentioned. The public provident fund is a savingscumtaxsaving instrument in india, introduced by the. Public provident fund interest rate is fixed by the ministry of finance, government of india, annually, and at present is 8. Application for opening a public provident fund account under the. Sbi ppf interest rate ppf interest rate is decided by the central government on a quarterly basis. According to rule 3 of the public provident fund scheme, 1968, a ppf account can be opened by an individual in his own name or on behalf of a minor of whom he is the guardian. Sbi ppf interest rate is calculated on the minimum balance in sbi ppf account from the 5 th day and the monthend and is paid every year on 31st march.
According to public provident fund scheme 1968, the facility of loan against the ppf deposits is available. The calculation of interest is on the minimum balance that is present in the account from the 5th day to the end of the month and is paid on march 31 every year. Head over to your nearest state bank of india branch, or a branch of any of state banks subsidiaries. The rate of interest is determined by the government on a quarterly basis.
The public provident fund or ppf is one of the most versatile long term investment vehicles and an important saving scheme for individuals. Tax exemption tax benefits under sec 88 of the income tax. The ppf scheme was launched with an aim to rationalize small investments by offering reasonable returns on it. What should i keep in mind when opening my ppf account. Balance in ppf account is not subject to attachment under any order or decree of court. Download forms for opening a new account, applying for an. Revision of interest rates for small savings schemes pdf. Further, ministry of finance department of economic affairs vide. The said ppf account has been completed 15 years after the year of initial subscription. Public provident fund scheme open ppf account at an attractive. To apply for the ppf provident fund ppf scheme, 1968, you have to fill form a and submit it at any sbi branch with relevant documents. It is an even more important scheme for all those people. The scheme was introduced by the national savings institute in 1968.
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