The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber.The shares of nominees may also be defined by the subscriber. Nomination facility is available in the name of one or more persons.Income Tax benefits are available under Sec 88 of the IT Act.Loans and withdrawals are permitted depending upon the age of the account and balances as on the specified dates.At present, it is 7.90% per annum with effect from. The rate of interest is determined by Central Govt.Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each. Investment Limits A minimum of Rs.500.00 subject to a maximum of Rs.1,50,000 per annum may be deposited. Investors can save tax from Rs.500 to a maximum Rs.1,50,000 in one financial year and can get facilities such as loan, withdrawal, and extension of account. These returns are fully exempt from tax under Section 80C of the Income Tax Act. It is backed by the Government of India and also offers attractive interest rates and returns with safety. Public Provident Fund (PPF) is a popular long-term investment option scheme. SBI PPF Deposit Form PDF Download for free using the direct download link given at the bottom of this article.
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