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Opening a PPF account with SBI
Sun, 19/02/2012 - 1:12pm — admin
TOC
PPF FAQ
| SNo. | Question | Answer |
|---|---|---|
| 1 | Who can open PPF Account? | Any Indian whether minor/adult - any one can open PPF account |
| 2 | How many account one person can have? | One person whether a minor/adult can have only one account at any time |
| 3 | What 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 |
| 4 | What 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. |
| 5 | What 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 |
| 6 | What is the duration of PPF? | 15 year lock-in there. On maturity you can extend it further to 5 years. |
| 7 | What is the current interest rate of PPF? | Find the current rate of interest of PPF here |
| 8 | How can I open PPF account in the name of my son who is minor? | Please read here account opening procedure(including minors) |
| 9 | What is the maximum tax exemption I can get? | Under 80C you can avail maximum of Rs. 70,000 for PPF |
| 10 | Can 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 |
| 11 | Can 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. |
| 12 | Where can I download the forms | We've made them available but we don't recommend printing them & using them. See the forms mentioned below. |
| 13 | How 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.
