Opening a PPF account with SBI

PPF FAQ

SNo.QuestionAnswer
1Who can open PPF Account?Any Indian whether minor/adult - any one can open PPF account
2How many account one person can have?One person whether a minor/adult can have only one account at any time
3What is attractive about PPF?As of now it is one the safest instruments available. Also unlike that of NSC's interest of PPF is not subject to tax
4What is the maximum amount I can deposit in PPF account in a year You can deposit up to Rs. 70,000 per year in maximum of 12 installment which should not be less than Rs. 100 each time.
5What is the minimum amount I should deposit every year? You must deposit minimum of Rs. 500 per year, otherwise you'll need to pay penalty to regularize it
6What is the duration of PPF?15 year lock-in there. On maturity you can extend it further to 5 years.
7What is the current interest rate of PPF?Find the current rate of interest of PPF here
8How can I open PPF account in the name of my son who is minor?Please read here account opening procedure(including minors)
9What is the maximum tax exemption I can get?Under 80C you can avail maximum of Rs. 70,000 for PPF
10Can I transfer my account to different location?Yes, just give an application on plain paper along with photostat of your passbook at your previous branch
11Can I withdraw money in the middle?Yes partial withdrawal are allowed from seventh year onwards. You can withdraw 50% of the balance of the end of fourth year or first last financial year, whichever is the lowest amount.
12Where can I download the forms We've made them available but we don't recommend printing them & using them. See the forms mentioned below.
13How much time does it take to open PPF account?At best it should take 30 minutes, if no other customers are there.

Download SBI PPF Deposit cum receipt

Click below to view the snapshot. If you want to print then download the PPF Deposit receipt/challan here.

SBI PPF Deposit cum Receipt