Under SBI's PPF account, interest income is totally exempt from Income Tax.
State Bank of India (SBI), the country's largest lender, offers a host of services to its customers. PPF (Public Provident Fund) account, one such product offered by the lender, is a retirement planning-focused instrument. Public Provident Fund (Amendment) Scheme, 2016 was introduced by the National Savings Organization in 1968 to mobilize small savings. A PPF account provides an investment avenue with decent returns coupled with income tax benefits, according to SBI's corporate website - sbi.co.in. Individuals in their own name as well as on behalf of a minor can open PPF account at any branch.