What is SBI PPF Account?

SBI PPF Account refers to the SBI Public Provident Fund. There is a lock-in period of 15 years. You can open a PPF account by visiting the bank branch and also do it online. It comes with partial withdrawal and loan facility, which is subjected to terms and conditions. The PPF account in SBI can be opened online or by visiting at the branch office of SBI.

How can I withdraw my PPF amount from SBI?

You can withdraw the SBI PPF amount on maturity of the scheme or on the death of the account holder.

Is it possible to transfer money to SBI PPF account online?

Yes, you can use the internet banking facility to transfer money to your PPF account online.

What is SBI PPF Interest Rate?

Currently, SBI PPF interest rate is 7.1% per annum for March- June quarter of Financial Year 2024-25.

Can I deposit PPF amount online in SBI?

Yes, you can deposit money into your PPF (Public Provident Fund) account online through SBI's internet banking portal or mobile banking app. SBI provides convenient online facilities for PPF deposits.

How much will I get after 15 years in PPF?

The maturity amount in a PPF account after 15 years depends on the contributions made, prevailing interest rates, and compounding frequency. As of now, the interest is compounded annually. You can use a SBI PPF calculator available online to estimate the maturity amount based on your contributions.

What is the period of PPF in SBI?

The Public Provident Fund (PPF) account has an initial maturity period of 15 years from the end of the financial year in which the account was opened. After the initial period, you have the option to extend the account in blocks of 5 years each.

Who can open an SBI PPF account?

An Indian resident can open an SBI PPF account. There is no maximum age limit, but minor accounts can only be opened by a parent or guardian. NRIs (Non-Resident Indians) and Hindu Undivided Families (HUFs) are not eligible.

What are the investment limits for an SBI PPF account?

The minimum annual investment is Rs. 500 and the maximum is Rs. 1,50,000. Deposits can be made in lump sum or up to 12 instalments per year. Amounts exceeding Rs. 1,50,000 in a year will not earn interest or tax benefits.

Can I withdraw money from my SBI PPF account?

Partial withdrawals are allowed after the account completes 5 years. You can only withdraw once a year and the maximum amount is 50% of the balance at the end of the 4th year. There are penalties for early closure.

How are deposits made into an SBI PPF account?

Deposits can be made through cash, cheque, or online transfers via internet banking or mobile banking.

Is there a penalty for not maintaining a minimum balance in an SBI PPF account?

No, there is no minimum balance requirement. However, to keep the account active, a minimum deposit of Rs. 500 needs to be made every financial year.

How are taxes applied to an SBI PPF account?

The investment amount, interest earned, and maturity amount are all exempt from income tax under Section 88 of the Income Tax Act.

Can I nominate someone for my SBI PPF account?

Yes, you can nominate one or more people to receive the balance in your account in case of your death.

SBI PPF Account

The SBI PPF (Public Provident Fund) Account is a government-backed long- term investment scheme managed by the State Bank of India (SBI). This scheme helps you save for retirement with a fixed SBI PPF interest rate. The PPF Account in SBI matures in 15 years, providing security and tax benefits under Section 80C.

Peaceful Post-Retirement Life
Tax Free Regular Income
Wealth Generation to beat Inflation

4.8⁺⁺ Rated
9.7 Crore Registered Consumer
51 Partners Insurance Partners
4.9 Crore Policies Sold

We are rated⁺⁺

9.7 Crore

Registered Consumer

Insurance Partners

4.9 Crore

Policies Sold

Invest ₹6,000/month & Get Tax Free Monthly Pension of ₹60,000

Get the best^˜ returns & make the most of your golden years

Your Name

+91

Mobile Number

Your personal information is secure with us

By clicking on "View Plans" you agree to our Privacy Policy and Terms of use

Get Updates on WhatsApp

We are rated⁺⁺

9.7 Crore

Registered Consumer

Insurance Partners

4.9 Crore

Policies Sold

What is an SBI PPF Account?

A SBI PPF Account refers to a Public Provident Fund (PPF) account offered by the State Bank of India (SBI). PPF is a long-term investment plan backed by the Government of India, designed to provide you with retirement plan.

The current PPF interest rate in SBI is 7.1% p.a. which is quarterly reviewed by the Government of India.

Contributions made to this tax-saving investment are eligible for tax deductions under Section 80C of the Income Tax Act, and the interest earned is tax-free.

NOTE: There is no maximum age limit to open a PPF account with SBI.

Features of SBI PPF Account

Feature	Details
SBI PPF Interest Rate	7.1%* per annum (compounded yearly).
Min. Amount to Open SBI PPF Account	₹500
Maximum Balance Limit	₹1,50,000 per financial year.
Maturity Period	- 15 financial years (excluding the year of account opening). - Extend account in 5-year blocks (within 1 year of maturity).
Deposit Periodicity	Lump-sum or installments in multiples of ₹50.
Account Opening	Cash or cheque (date of realization in Govt. account is the date of opening/subsequent deposit).
Tax Benefits	-Deposits qualify for deduction under section 80C of the Income Tax Act. -Interest earned is tax-free under the Income Tax Act.
Interest Calculation	- Quarterly SBI interest rate in SBI is notified by the Ministry of Finance. - Interest calculated monthly on the lowest balance between the 5th day and month's end.
Interest Crediting	The SBI PPF interest rate is credited at the end of each financial year.
Loan Availability	- Available after one year from the end of FY of initial subscription. - Up to 25% of balance after the second year preceding loan application. - One loan per financial year. - Second loan after first loan repayment.
SBI PPF Withdrawal Rules	One withdrawal per financial year, up to 50% of balance at maturity in each block of 5 years.
Discontinued SBI PPF Account	Cannot be extended.

* From 01.01.2024

SBI PPF Interest Rate

The SBI PPF interest rate is subject to change based on quarterly revisions by the Ministry of Finance. Currently, it typically aligns with the rates set for small savings schemes, which is 7.1% p.a. for Q1 of FY 2024-25.

PPF Calculator

A PPF Calculator helps you estimate returns on your Public Provident Fund investment. It considers factors like your annual contribution and the prevailing interest rate. This tool provides a quick way to plan and manage your PPF investments efficiently.

Eligibility Criteria to Open SBI PPF Account

Resident: You must be a resident of India to open an SBI PPF account in your own name.
Minors: Parents or guardians can open a PPF account on behalf of a minor. Only one such minor account is allowed per child.
Ineligible: The following individuals/ entities are not eligible to open a SBI PPF Account-
- Hindu Undivided Family (HUF)
- Non-Resident Indians (NRIs)

How to Open a PPF Account in SBI Online?

The steps to open a PPF account in SBI online are as follows:

You need SBI Internet banking credentials.
Log in and go to 'Request & Enquiries' > 'New PPF account’.
Enter applicant’s details; for minors, provide minor’s info and guardian details.
Enter branch code/IFSC code.
Enter nomination details; no joint holding, minors only have a guardian nominee.
Click 'Submit'; note the generated reference number valid for 30 days.
Within 30 days, visit a branch with KYC docs, printed application, and photo.

Points to Remember to Open PPF Account in SBI Online

Mentioned below are some prerequisites to open SBI PPF account online:

You can only open an online PPF account if you already have a savings account with SBI.
You must have net banking or mobile banking facility activated on your SBI account.
Your Aadhaar number needs to be linked to your savings account.
The mobile number linked to your Aadhaar should be active to receive one-time passwords (OTPs).

Invest More Get More

Invest ₹10K/Month YOU GET ₹1.5 LAKHS^* MONTHLY PENSION View Plans

Invest ₹7K/Month YOU GET ₹1 LAKHS^* MONTHLY PENSION View Plans

Invest ₹5K/Month YOU GET ₹75 THOUSAND* MONTHLY PENSION View Plans

standard T&C Apply *

SBI PPF Withdrawal Rules

Maturity and Withdrawal:
- Maturity Period: 15 years from the end of the financial year in which the account is opened.
- Complete Withdrawal: You can withdraw the entire balance (accumulated contributions and interest) after maturity.
Partial Withdrawal:
- Minimum Account Age: Allowed after completion of 5 financial years from account opening (beginning of 6th year).
- Withdrawal Frequency: One withdrawal per financial year.
- Withdrawal Amount: Limited to the lower of:
  - 50% of the balance at the end of the 4th preceding financial year.
  - 50% of the balance at the end of the immediately preceding financial year.

Important Points to Remember:

The withdrawn amount is tax-free.
Outstanding loan amount on the PPF account reduces the available withdrawal amount.
After maturity, you can extend the account in blocks of 5 years (with contributions) or close it.

Related Read: National Pension Scheme (NPS)

Documents Required for SBI PPF Account

The following documents are required to open a PPF account in SBI:

Duly filled and signed PPF account opening form (Form - 1) / printout of the online form.
Passport-size photograph.
Self-attested copies of ID proof (PAN card, Aadhaar card, Driving License, Voter ID etc.).
Address Proof (Passport, Aadhaar Card, Electricity Bill etc.).

SBI PPF Account Benefits

SBI PPF accounts offer a number of benefits, including:

Interest Rate: SBI PPF accounts offer 8.50% annual interest (as of July 2, 2024), one of India's highest for savings.
Tax Benefits: Deposits up to Rs 1.5 lakh per year qualify for Section 80C deductions. Interest earned is tax-free.
Investment Tenure: Initial 15 years, extendable in 5-year blocks.
Deposits: Minimum Rs. 500 annually, maximum Rs. 1,50,000. Can be made lump sum or up to 12 installments/year.
Loan: Loans available against account balance after a specified period.
Withdrawal: Partial withdrawals are allowed after a specific period under defined conditions.
Security: Backed by the government of India.
Nomination: Allows nomination of beneficiaries.

To Sum Up

The SBI PPF Account offers a secure and tax-efficient savings avenue for long-term financial goals. With the attractive PPF interest rates and the benefit of tax exemption, it remains a reliable choice for individuals seeking stable growth and retirement planning.

People also calculate: NPS Pension Calculator

Frequently Asked Questions

What is SBI PPF Account?

SBI PPF Account refers to the SBI Public Provident Fund. There is a lock-in period of 15 years. You can open a PPF account by visiting the bank branch and also do it online. It comes with partial withdrawal and loan facility, which is subjected to terms and conditions. The PPF account in SBI can be opened online or by visiting at the branch office of SBI.
How can I withdraw my PPF amount from SBI?

You can withdraw the SBI PPF amount on maturity of the scheme or on the death of the account holder.
Is it possible to transfer money to SBI PPF account online?

Yes, you can use the internet banking facility to transfer money to your PPF account online.
What is SBI PPF Interest Rate?

Currently, SBI PPF interest rate is 7.1% per annum for March- June quarter of Financial Year 2024-25.
Can I deposit PPF amount online in SBI?

Yes, you can deposit money into your PPF (Public Provident Fund) account online through SBI's internet banking portal or mobile banking app. SBI provides convenient online facilities for PPF deposits.
How much will I get after 15 years in PPF?

The maturity amount in a PPF account after 15 years depends on the contributions made, prevailing interest rates, and compounding frequency. As of now, the interest is compounded annually. You can use a SBI PPF calculator available online to estimate the maturity amount based on your contributions.
What is the period of PPF in SBI?

The Public Provident Fund (PPF) account has an initial maturity period of 15 years from the end of the financial year in which the account was opened. After the initial period, you have the option to extend the account in blocks of 5 years each.
Who can open an SBI PPF account?

An Indian resident can open an SBI PPF account. There is no maximum age limit, but minor accounts can only be opened by a parent or guardian. NRIs (Non-Resident Indians) and Hindu Undivided Families (HUFs) are not eligible.
What are the investment limits for an SBI PPF account?

The minimum annual investment is Rs. 500 and the maximum is Rs. 1,50,000. Deposits can be made in lump sum or up to 12 instalments per year. Amounts exceeding Rs. 1,50,000 in a year will not earn interest or tax benefits.
Can I withdraw money from my SBI PPF account?

Partial withdrawals are allowed after the account completes 5 years. You can only withdraw once a year and the maximum amount is 50% of the balance at the end of the 4th year. There are penalties for early closure.
How are deposits made into an SBI PPF account?

Deposits can be made through cash, cheque, or online transfers via internet banking or mobile banking.
Is there a penalty for not maintaining a minimum balance in an SBI PPF account?

No, there is no minimum balance requirement. However, to keep the account active, a minimum deposit of Rs. 500 needs to be made every financial year.
How are taxes applied to an SBI PPF account?

The investment amount, interest earned, and maturity amount are all exempt from income tax under Section 88 of the Income Tax Act.
Can I nominate someone for my SBI PPF account?

Yes, you can nominate one or more people to receive the balance in your account in case of your death.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.