The Form F must be obtained from the bank or post office where the PPF account was opened as the initial step. Complete this form with the accurate information and submit it to the relevant bank or post office. After the form has been submitted, the nomination may be modified.PPF features
- PPF offers a 7.1% interest rate for the July-September 2023 quarter, which is totally tax-deductible under Section 80C.
- Its tenure is 15 years.
- A minimum of Rs. 500 and a maximum of Rs. 1,50,000 investment is allowed in a financial year.
- A penalty of Rs. 50 will be applied for each financial year in which the required minimum deposit of Rs. 500 is not made.
- PPF may be transferred from one bank or post office to another.
- Loan facility can be availed any time between the third financial year to sixth financial year i.e. From third financial year up to end of fifth financial year.
Exempt-exempt-exempt tax status
Not many assets enjoy the triple income tax exemption that the Public Provident Fund (PPF) does. At the time of investment, accrual, and withdrawal, taxes are exempt. The Income-tax Act of 1961’s Section 80C allows for a deduction of up to Rs. 1.5 lakh for investments made in each fiscal year. Each year’s interest is likewise exempt from taxes. Last but not least, the accumulated corpus that you extract at maturity is likewise tax-free, making it taxable income.What are the documents required for opening a Public Provident Fund (PPF) account with SBI?
- PPF account opening form (Form A )
- Nomination Form
- Passport size photograph
- Copy of PAN card/ form 60-61
- ID proof and Residence proof as per Bank’s KYC norms
Who cannot open a PPF account?
HUF are not eligible and Non-Resident Indians are not eligible.
Is nomination facility available under the scheme?
Yes, the PPF scheme facilitates nominations of one or more persons. However, no nomination(s) is possible in case of minor account. changes to previous nomination(s) are possible by applying a fresh nomination(s).
How to add nominee in SBI PPF account using Yono app
Login to YONO app -> click on Services & Request ->click on Account Nominee ->Click on Manage Nominee-> select Account Number from drop down->fill the nominee details and submit.