Public Provident Fund is known as PPF. The Indian is one of the safest and reliable investments available to the public. It has tax benefits. PPF account provides a great opportunity. Know that PPF account can be only one anywhere. Now the State Bank of India (SBI) has made it easy to open and operate PPF account through its Yono SBI app. On the Yono SBI app, you can also easily open your PPF account sitting at home.
What is PPF?
PPF is a government -supported long -term savings scheme, which is one of the most popular long -term investment options. The contribution to the PPF account has become very popular due to their appropriate interest rates and tax-free returns. The amount deposited in the PPF account gives tax benefits under Section 80C of the Income Tax Act, 1961 and it matures after 15 years. By investing up to Rs 1.5 lakh annually, you can take full advantage of tax profit under Section 80C and reduce your tax liability.
PPF account online open like this
- Download the Yono SBI app from Google Play Store/App Store.
- Log in the account using your credentials and make sure your KYC details are updated.
- Go to ‘Investments’ section in the main menu of the app.
- Choose the ‘PPF Account’ option to start the process.
- Choose the branch of your choice and enter the details of the nominee (a maximum of four enrolled persons for the PPF account).
- Set monthly permanent instructions for contribution (optional)
- Review the information recorded and accept and confirm the terms and conditions.
- Proceed by entering the OTP sent to your registered mobile number.
- Your PPF account has been successfully created. Now you can deposit funds immediately to activate the account.
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