SBI PPF Yojana: Just Deposit Only Rs 60,000 And You Will Get Rs 16,27,284 After So Many Years

SBI bank has a range of schemes to create investors’ savings. For any citizen depositing money in these schemes, the returns are enormous. For long-time investments, you can deposit in the SBI PPF scheme in which you get a 7.1% interest rate every year on depositing the amount.

SBI PPF Yojana

Hundreds and thousands of Indians have parked their money safely and reliably in the PPF account of SBI. Apart from this, while saving through the Public Provident Fund Scheme, income tax benefits are also given on the savings. The opening of a PPF account is easy: go to the nearest branch of the bank and fill out the application form. Let’s understand how much returns the PPF is offering on such investment.

Open an account for 15 years

The investment made in this scheme of the State Bank of India will mature after 15 years. Being a long-term investment scheme, it also has a much larger deposit period. But if you want to continue investing further, there is a provision for extending it for 5-5 years. It aims to contribute minor amounts to be paid every month and the final large amount at maturity.

Minimum and maximum investment

A Public Provident Fund account can be opened by any citizen living in this country. Here, it is possible to invest between the minimum required amount of Rs 500 and Rs 1.5 lakh maximum investment can be made in a particular financial year. If you even start investing at Rs 2500 monthly and carry this out for 15 years, then you will have a fund of several lakhs or crores by the end.

This is how you will get a fund of lakhs

If he invests Rs 5000 monthly in his SBI PPF account, then that investment tends to be Rs 60,000 after the end of the year. Continuing such deposits for 15 years would end up aggregating this amount to ₹900,000. Under this deposit, considering the interest rate of 7.1%, a total maturity value goes to ₹16,27,284, out of which ₹7,27,284 is gained purely from interest deposits.

Invest online

Of course, many investor benefits are extended under this plan of SBI. For example, if you do not wish to make an application by visiting a branch, you can make an application from your home through SBI YONO. In addition, the amount received on maturity is wholly tax-free. The investor enjoys tax benefits under Section 80C of the Income Tax Act in addition.