Again State Bank of India has launched many features for the account holders. Most people from different corners of the country deposit their money here. If you also want to save some money from your earnings and keep it under the hood, then SBI PPF scheme is going to be really helpful to you. It is a very safe scheme as well as gives good interest.
What is PPF Scheme?
Public Provident Fund is known as PF. It is a type of investment instrument that is kept for long term. Fixed interest rate is applied for the State Bank on total deposit amount by the government which is revised on interest rate. The PPF SBI scheme offers an interest of 7.1% per annum.
For investing some money from your income, SBI PPF scheme is the best available scheme for you. Any citizen can open an account in any nearest bank branch. Besides that, you can also do online application. You have opened a Public Provident Fund account but do not know how to invest in it then here is the information; the minimum investment is 500 and the maximum amount you can invest is 1.5 lacs which has a maturity time of 15 years. It can be extended for a period of 5 years.
If you open a PPF account in State Bank of India and deposit Rs 60,000 each year i.e. Rs 5,000 each month, for 15 years you will have a total of 16,27,284 at the interest of 7.1 percent. All this will be from your 9 lakh rupees deposit and after 15 years, your amount will be Rs 16,27,284.
Benefits of PPF Scheme
You can invest a maximum of 15 lakh rupees in a year in the scheme of State Bank of India. Once you open the account, you have to invest continuously for 15 years. If the case comes to close your account before time, you can close it. Another benefit with that is that amount deposited is
