Investment is an important step to make your dreams come true and secure the future. If you also want to invest by saving some money from your earnings, then SBI’s PPF scheme can be a great option for you. This scheme is completely safe and also gives a good interest rate.
What is PPF
PPF is a long-term investment scheme. The interest rate prescribed by the government applies to the amount deposited in it, which is revised on a quarterly basis. Currently, in the SBI PPF scheme, you are getting an interest rate of 7.1% per annum.
How to invest
Any citizen of the country can open a PPF account by visiting his nearest SBI branch. Apart from this, you can also apply online. In a PPF account, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. Its maturity period is 15 years, which can be extended for 5-5 years.
Why Choose SBI PPF
Safety: As a government-backed scheme, PPF offers a high level of security for your investments.
Tax Benefits: The amount you invest in PPF is eligible for tax deductions under Section 80C of the Income Tax Act.
Fixed Returns: PPF provides fixed returns, which helps in long-term financial planning.
Easy Accessibility: You can open an SBI PPF account at any branch of the State Bank of India or online.
How much return will you get on an investment of Rs 60,000?
If you open a PPF account in SBI and invest Rs 60,000 every year, then after 15 years you will get a total of Rs 7,27,284. In this, your total investment will be Rs 9,00,000 and you will get Rs 16,27,284 after 15 years.
Benefits of PPF
Good interest rate: The interest rate offered in PPF is attractive compared to other investment options.
Flexibility: You can make partial withdrawals after 5 years.
Long-term investment: This scheme is ideal for long-term investments.
SBI PPF scheme is a great option that allows you to make safe and profitable investments. If you want to secure your future, investing in this scheme would be a wise move.