How to open a PPF account online in 2024 and what is the current interest rate?

Asked 26d ago·5623 views

I am a salaried employee and want to open a Public Provident Fund account for tax saving. I already have a savings account with SBI. Can I open a PPF account online through internet banking? What is the process? What is the current interest rate and has it changed recently? What is the maximum and minimum deposit allowed per year?

Asked by FinWiz24 Admin

1 Answer

You can open a PPF account online through SBI internet banking. Go to SBI E-TFS > Apply Online > PPF. The current interest rate is 7.8% per annum (revised quarterly by the government). Minimum deposit is ₹500 and maximum is ₹1.5 lakhs per year. The account matures in 15 years but you can extend it in blocks of 5 years. Interest is tax-free and the entire balance including interest is exempt from tax at withdrawal.

Answered by Vikram Mehta · 21d ago