SBI is giving double interest on this account, learn how to raise advantage

SBI is giving double interest on this account, learn how to raise advantage

The country's largest bank, State Bank of India (SBI), is giving almost double interest in comparison to the Savings Account on Public Provident Fund (PPF). Investments in SBI's PPF get tax exemption. After investment, tax-free returns are available on maturity. The biggest thing is that there is no risk to investing in it. Let's know how to open PPF account.

Investment Limit - You can deposit a minimum of 500 rupees in SBI's PPF account. Can deposit up to a maximum of Rs 1,50,000 in a year. It can repay this amount in 12 installments in a year. These accounts can be opened in the branch of SBI. You can also apply online for this.

Period - PPF account will be maturing in 15 years. Investing in PPF can benefit from tax exemption.

Interest Rate - SBI's PPF account is getting interest at 8% rate which is effective from January 1, 2019. However, interest rate is determined every three months. This interest rate is double compared to the savings account.

Account Transfer - The PPF account can be transferred from one branch to another branch or post office from the bank or from another bank to another bank. No charge is taken for this service.

It is difficult to stop prematurely - in the normal case before 15 years, a PPF account is not allowed for premature closure. But it can be closed at the time of need but it can not be stopped before five years.

SBI is giving double interest on this account, learn how to raise advantage