PPF Account Opening - Yono

Product Features

• Individuals in their own name can open PPF account using YONO App.
• Deposit amount-
  • Minimum: Rs. 500/- per annum and subsequent deposits in multiples of Rs.50/-
  • Maximum: Rs.1,50,000/- per annum inclusive of the deposits made in his own account and in the account opened on behalf of the minor.
• The deposit in the account may be made in the account in one lump sum or in instalments, during a year.
• Original duration of the account is of fifteen years from the end of the financial year in which the account is opened. PPF account holder on the expiry of fifteen years from the end of the year in which the account was opened, may extend his account for a further block period of five years. There is no restriction on number of such extensions. The option of extension of account shall be available to the customer before expiry of one year from the maturity of the account.
• Account can be discontinued any time but repayment of subscription along with interest will be done only after 15 years i.e. date of maturity of the PPF account.
• After maturity, the customer is allowed withdrawal of the entire balance along with due interest up to the last day of the month preceding the month in which the account is closed.
• A discontinued account may be revived during its maturity period on payment of a fee of fifty rupees for each year of default along with arrears of minimum deposit of five hundred rupees for each year of default.
• The facility of loan or partial withdrawal is not allowed in any discontinued account.
• PPF Account can be transferred to any branch of SBI for convenience of operations.
• The rate of interest is determined by Central Govt. on quarterly basis, presently, 7.10% per annum (w.e.f. 01.04.2020-Compounded annually).
• Interest is credited in account on 31st March every year (calculated on the minimum balance between the close of 5th day and end of the month).
• Benefit available u/s 80C of the Income Tax Act. The interest credited in the PPF account is totally tax-free.
• Other product features as applicable to Public Provident Fund Scheme,2019.