PPF is the best option to keep your future safe and secure. Besides, it also gives tax benefits at every step. By investing in this, the returns earned during this period, maturity amount and the overall interest are completely tax-free.
You will also get tax exemption on investment of 1,50,000 under Section 80C of Income Tax.
At present, the PPF account is giving an interest rate of 7.1 percent. According to experts, investing in PPF for a long period also gives the benefit of compound power i.e. extra profit. The country’s largest public sector bank State Bank of India (SBI) also allows customers to open PPF account online.
Documents required
The documents required to open a PPF account are enrollment form, passport size photograph, Permanent Account Number (PAN) card copy, ID proof and residence proof. You must have these documents to open the account as per the KYC norms of the bank.
Here is the process of opening a PPF account in the country’s largest bank…