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Introduced by the National Savings Institute of the Ministry of Finance in 1968, the Public Provident Fund is a government-backed investment scheme that mobilizes small savings and provides reasonable returns combined with income tax benefits. As per the latest update, the government has notified new PPF rules or Public Provident Fund Scheme, 2019, thus replacing Public Provident Fund Scheme, 1968 under the Government Savings Promotion Act, 1873.
The new PPF rules are effective from 12.12.2019. The current interest rates are as follows - 8.0% for April 2019 - June 2019 and 7.9% for July 2019 - March 2020.
Features of PPF
The key features of this scheme are:
SBI Public Provident Fund
The State Bank of India offers the facility to open a PPF account within a few minutes. Customers can open a SBI PPF account online anytime, 24x7. The entire process is fast, paperless and hassle-free. You can utilise the bank’s digital channels (website and mobile banking/Mobile App) for opening a PPF account.
PPF Account Online
In case you are not comfortable with the online mode, you can simply visit any branch of SBI with the following documents:
As per the Indian government, an individual is allowed to open a single PPF account in his/her name. NRIs, joint account holders and HUFs are not eligible for opening a PPF account online . With over 15,000 branches across India, SBI is the largest bank in India. Opening a PPF account offered by SBI can be done online and offline.
Recommendation: SBI PPF Calculator