PPF account in SBI, Post office, other banks

Last Updated : Sep 1, 2023
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  • PPF Account In SBI - Post Office

Requirements to PPF Account in Bank and Post Office

  • You can open an account with any nationalized bank ( State Bank Of India (SBI), Punjab National Bank, Centeral Bank of India) or post office or some authorized private banks (ICICI Bank, HDFC Bank, Axis Bank etc.).
  • A minimum yearly deposit of Rs. 500 is required to open and maintain a PPF account.
  • You can deposit a maximum amount of Rs. 150,000 lacs in your PPF account. Any amount deposited in excess of Rs. 150,000 lacs in a financial year will not earn any interest. You can deposit the amount in lump sum or in maximum of 12 installments in a year.
  • After the lock-in period of 15 years subscriber can be withdrawn full amount after its maturity period.
  • Interest earned on PPF account is tax exempted and principal amount is subject to tax deductions under section 80c of income tax act. Interest rate on PPF is compounded annually.

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