Changes in norms for PPF account in SBI; know the details
New Delhi: The Non Resident Indian (NRI) customers holding the Provident Fund (PPF) account in the State Bank of India (SBI) will get a rate of interest of four percent equivalent to that of a post office saving bank account with effect from October 3, 2017.
“The interest rate is calculated on minimum balance in the account from the end of 5th day of the month till the end of the month,” said SBI, the country’s largest bank.
Till October 3, 2017, PPF customers had been getting a ‘contracted PPF rate of interest’, the bank said.
In case PPF account holders live outside India, his/her account will be deemed closed with effect from October 3, 2017.
If an NRI wants to transfer his PPF account balance to his account, he can get it transferred into his/her Non Resident Ordinary (NRO) saving bank account after submitting either a copy of his/her passbook or his/her account statement to SBI.