CreditMantri Finserve Private Limited
Door No.3, Block B, No. 147, Workeasy Space Solutions, RK Swamy Centre, Hansa Building, Pathari Road,Thousand Lights, Chennai, Tamil Nadu600006
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Is your Credit Score >750?
Rate of Interest
Can be opened at any age by any resident Indian (HUFs and NRIs not allowed)
Facility available for maximum 4 nominations
Tax deduction u/s 80C up to Rs. 1,50,000
Minimum Deposit amount
Maximum deposit amount
About SBI PPF ACCOUNT
The eligibility criteria for SBI PPF account is in sync with the general eligibility criteria for PPF and is stated below.
Furthermore, there are restrictions in place for parents to open a PPF account on behalf of their minor son or daughter. Such restriction states that both the parents are not allowed to open a PPF account for the same minor child. Both parents can open a PPF account for each child in case of two children or either parent can open a PPF for the minor child in case of a single child.
In case of death of both the parents, the Grandparents can open a PPF account on behalf of their grandchild/grandchildren as their guardians.
A person can open a PPF account in SBI by physically visiting any of the nearest branches and submitting a duly filled and signed required Form A along with the necessary KYC documents as required by the bank. The person also has to submit a nomination Form E along with such application.
SBI also offers an online procedure to start a PPF account. Such online procedure is not available in the complete form i.e., an investor has to still visit the branch for physically submitting the required documents and for verification process thereby completing the procedure of opening PPF account.
The details of such an online process are given below.
The applicant has to pay Rs.500 which is the minimum amount required to open the PPF account. Such amount can be paid in cash or cheque.
The list of documents required to open a PPF account with SBI are enlisted below.
The investor gets various features and benefits of opening a PPF account with SBI which make it a preferred choice among the available options. The details of the same are provided here.
The investor can ideally withdraw any amount from the PPF account only up on the maturity of the account i.e. after the completion of 15 years.
At the time of maturity, the investor can withdraw the entire amount along with the interest accrued up on such investment. Such withdrawal at the time of maturity is eligible for tax exemption under the provisions of the Income Tax Act, 1961.
Partial withdrawals from the PPF account are permitted from the PPF account after the 7th year. The bank also permits premature withdrawals from the PPF account to the extent of 50% of the balance available under the PPF account at the end of 4th year.
The bank, however, allows early withdrawal from the PPF account under certain circumstances such as,
The investor can also avail loans against their SBI PPF account. The key points to be noted with regards to such loans are,
The bank allows a premature closure of the PPF account held in his/her own name or on behalf of a minor or a person of unsound mind. Such premature closure is allowed only in certain cases. The account holder has to submit a Form-5 while applying for such premature closure.
Some of the circumstances under which the account holder is permitted to close the PPF account prematurely are highlighted below.
The investors can contact the bank for any queries or issues relating to their PPF accounts by using any of the following contact details.
Postal Address - Customer Service Department State Bank of India State Bank Bhavan, 16th Floor Madam Cama Road, Mumbai 400 021 Tel: 022-22029456
State Bank of India is a public sector bank and is the largest bank in India. It has over 24000 branches across the country and about 191 offices in 36 countries worldwide, thereby having the maximum presence in the country and as well as the largest global presence among all the Indian banks. SBI caters to national as well as international customers and provides a variety of products and services suitable for all types of retail customers as well as corporate entities. SBI offers a lot of government savings schemes and many investment options for the investors to choose from in order to maximize their wealth. One such evergreen investment option provided by the bank is the investment in PPF. It is one of the most favoured and sought after investments in the market due to its many benefits and attractive features and hence is still a preferred investment option to safeguard and provide for a better retirement plan even after decades of being launched by the Government of India in 1968.
PPF investment is hugely popular due to it being a corpus building as well as a tax saving investment. It is easily accessible and is open to all the residents of the country. SBI PPF account is currently the most favoured account for investment in PPF among all the available options.
1. What are the Form numbers to be submitted for various applications like nomination, change in nomination, contribution, etc.?
The list of forms that need to be submitted for various applications related to PPF accounts are,
Contribution to PPF (Repayment of Loan taken against PPF, Interest payment or payment of penalties or fees)
Change in nomination
Claim for PPF account
Extension of PPF account
Premature closure of PPF account
2. What is the toll free number of SBI?
The toll free numbers for SBI are 1800 11 2211/ 1800 425 3800.
3. Can the PPF account be extended beyond the tenure of the PPF?
The investors can extend the PPF accounts beyond maturity for one or more blocks of 5 years each up on the discretion of the investor.
4. Can a person transfer the PPF account held in a particular branch of the SBI to another branch of the bank?
A person is allowed to transfer the PPF account from one branch of SBI to another by submitting a written application for the same. Such transfer is effected without any service charges or fees applicable for the same.
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Andhra Bank PPF Account
Axis Bank PPF Account
Bank Of Baroda PPF Account
Bank Of India PPF Account
Bank Of Maharashtra PPF Account
Canara Bank PPF Account
Central Bank Of India PPF Account
Deposit Limit Of PPF
How To Change Nominee Name In PPF
How To Check PPF Account Statement Online
How To Open PPF Account Online
ICICI Bank PPF Account
IDBI Bank PPF
Indian Overseas Bank PPF Account
Investment On PPF
PPF Account Balance
PPF Account For NRI
PPF Account Opening Banks
PPF Account Opening Form
PPF Account Transfer
PPF Age Limit
PPF Claim Status Online
PPF Closure Form
PPF Death Claim Form
PPF Interest Rate
PPF Lock In Period
PPF Online Payment
PPF Premature Withdrawal
PPF Withdrawal Rules
Punjab And Sind Bank PPF Account
UCO Bank PPF Account