The name of State Bank of India comes first when it is a talk about the best banking facilities. Today, the accounts of crores of consumers are operated by State Bank. Let us tell you that State Bank of India has given another big facility for its customers recently. Now you can start investing under Public Provident Fund of State Bank with a comfort of your own home.
Public Provident Fund (PPF) is operated by government and the most special thing about this scheme is that it is 100 percent safe guaranteed return scheme. Tax benefits are also being given to citizens against these additional amenities. Know the full details of this scheme now.
New scheme of State Bank
Newly opened by the State Bank of India the Public Provident Fund (PPF), this scheme is an amazing long-term investment option that gives a very good interest rate with very low nature of risks. An annual interest rate of 7.1% applies under this scheme, thereby being better than most of the other schemes. The procedure for opening the account in the scheme is very simplified, making it possible for more people to avail advantages from this scheme.
Who after all can open an account?
Any Indian citizen shall be eligible to apply easily to reap the benefits of this implementation. Besides this, a parent may well open an account in the name of their children, provided that the full care and maintenance of this account is by the parent. A mobile number along with an Aadhaar card and a bank account needs to be linked for opening an account. One can apply in person at the nearest State Bank of India branch or can also apply through the online website just as the scheme provides to do so at home.
Amount of Investment as well as Interest Rate
Minimum amount fixed at only ₹ 500 under the scheme. Further, in maximum investment terms, one gets an opportunity to deposit up to ₹ 1.5 lakh in a financial year. Interest rate on PPF account is determined quarterly by the Central Government and at present this interest rate is being offered at 7.1%.
Return on Investment
If we calculate the return figures instead of investing then with just an investment of ₹1000 every month you will end up saving ₹12,000 within a financial year. If you can continue this investment for the next 15 consecutive years, the total investment made by you will amount to ₹1.8 lakh. According to State Bank on 7.1% interest rate, this amount would turn out to be worth ₹3,25,457 where ₹1,45,457 is the additional income you earn in terms of interest.
Disclaimer: This is for general information purposes only and is therefore not intended to be, nor to replace in any sense, expert advice. Consult the professional for your personal situation or individual inquiries. This channel will not be responsible for accuracy regarding this information or any results.
