1 min read.Updated: 21 Feb 2022, 07:21 AM ISTLivemint
SBI allow customers to open Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) accounts online
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Public Provident Fund (PPF) is one of the limited risk-free investment tools that can yield a higher average rate of inflation. PPF enjoys an EEE (Exempt-Exempt-Exempt) tax status. This means that the returns, maturity amount and the overall interest earned during the period of investment are tax-free. Currently, the PPF account offers an interest rate of 7.1 per cent. PPF accounts can be opened with post offices or authorised commercial banks. The State Bank of India (SBI) allow customers to open PPF accounts online. The documents required to open PPF accounts are - nomination form, passport size photograph, copy of Permanent Account Number (PAN) card, ID proof and residence proof as per bank's KYC norms.
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