SBI PPF : Invest ₹50,000 Per Year and Get ₹13.56 Lakh – Today we are talking about a government scheme which is the choice of millions of people and which is also very safe. SBI’s PPF i.e. Public Provident Fund account is a long term investment plan which is guaranteed by the Government of India. This is a completely safe scheme in which you get the interest fixed by the government every quarter.
SBI PPF : Invest ₹50,000 Per Year and Get ₹13.56 Lakh
SBI’s Public Provident Fund scheme is currently getting an annual interest of 7.1 percent. An account can be opened in this scheme by depositing at least Rs 1000 annually. Keep in mind that to keep the PPF account active, it is necessary to deposit a minimum of Rs 1000 in a financial year. A maximum of Rs 1.5 lakh can be deposited in a period of one year in the PPF scheme.
You can deposit a lump sum amount annually in Public Provident Fund, apart from this you can also deposit money in the PPF account in installments. In a PPF account, you can deposit money in a maximum of 12 installments in a period of one year, i.e. you can deposit a maximum of 1 installment in a month.
How ₹50,000 Per Year in PPF Grows to ₹13.56 Lakh in 15 Years
Now if you deposit only ₹50,000 in Public Provident Fund every year and do this continuously for 15 years, then you will deposit a total of ₹7.5 lakh. But after 15 years with interest, you can get ₹13,56,070 rupees. That is, you will get a direct benefit of more than ₹6 lakh and this entire money will be tax-free. This return is more than a normal fixed deposit, and there is no risk here because it is a government-run scheme.
How to Open a PPF Account in SBI – Online & Offline Process
If you already have an account in SBI, then you can also open your PPF account online. But if not, then you can go to any nearest SBI branch and fill the form. Along with this, some important documents like Aadhar card, PAN card, and a photo have to be attached. Filling the form is very easy and the bank staff helps you. After opening the Public Provident Fund account, you can deposit from ₹500 to ₹1.5 lakh every year.
Public Provident Fund : Tax Benefits and Secure Your Future
SBI Public Provident Fund Scheme is not just a means of saving, but it also gives you relief in income tax. Under Section 80C, whatever PPF amount you deposit in it is tax exempted. And when the entire money is returned on maturity, then there is no tax on that either. That is, it is a safe and tax-free investment plan, which is becoming the best option for the middle class.
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