PPF is one of the few risk-free investing options that can increase average inflation. PPF is EEE (Exempt-Exempt-Exempt). The returns, maturity amount, and overall interest collected over the investment period are tax-free. Currently, the PPF account pays 7.1% interest. Post offices and commercial banks accept PPF accounts. Customers of SBI can open PPF accounts online. To open a PPF account, you need a nomination form, a passport-sized photograph, a copy of your PAN card, ID evidence, and proof of residency.
How to open PPF in SBI:
- Login into Onlinesbi.com
- On the’request and enquirers’ page, select ‘New PPF account’.
- “Apply for PPF account” part.
- Enter the branch code for the new account.
- Enter nomination info and submit
- An application number and a successful submission message will appear.
- Please go here to print the PPF account application form.
- Within 30 days, bring KYC documentation and photos to the branch.
Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana encourages little savings. Post offices and commercial banks accept SSY accounts. The State Bank of India is one of the banks that offers this service (SBI). Currently, the SSY account pays 7.6% interest.
The following documents are necessary to open SSY accounts: SSY Account Opening Form, beneficiary’s birth certificate, guardian or parent’s address proof, and ID evidence.
How to open an SBI SSY account:
- Completion of the form
- Send the docs and photographs.
- Cash (minimum $1,000)
- Deposits can be made by cash, check, or demand draft.