Today, the PPF account has become an essential consideration for every individual who has a source of income. The facility of PPF offers an individual the benefit of making savings on a regular basis and allows a person to save taxes. One of the most recognized ways to invest in PPF is in SBI PPF accounts. You can also open a PPF account in the post office. But the most popular way to open a PPF account is in SBI as SBI has good network branches all over India, including rural India.

Check-Benefits Of Opening PPF Account in State Bank of India

Benefits of Opening a PPF Account.

• Attractive interest rate of 7.1% p.a. is fully exempt from income tax under Section 80C of the Income Tax Act.
• Good long-term investment for 15 years.
• Deposit amount can be as low as Rs.500  and a maximum of Rs.1,50,000 per financial year.
• Deposits can be made in up to 12 transactions for a financial year.
• Loan can be availed between the third to the sixth financial year.
• Partial withdrawal facility is available from the seventh financial year onwards.
• Account can be extended in a block period of 5 years after maturity.

Why Choose SBI PPF Account?

The State Bank of India is the most significant economic bank and has branches dispersed in every corner of the nation. You can always find an SBI branch near you, no matter where you are in India. This makes this bank very attractive to people who belong to small cities and metropolitan cities.

Usually, a PPF account can be easily opened in a designated post office or a bank branch. If you are an SBI customer, you may want to open a PPF account with SBI so you can manage all accounts with one bank.

There are two ways to Open PPF Accounts in SBI Bank.

1. Open PPF Accounts in SBI bank Online with Internet Banking.

2. Open PPF Accounts in SBI bank Offline by visiting Bank Branch.

Option 1. How to open PPF Accounts in SBI bank Online with Internet Banking?

SBI  has announced the launch of a digital service that enables customers to open a Public Provident Fund (PPF) account instantly in a completely online and paperless manner at any time, i.e., 24/7. Open a PPF account conveniently anytime, anywhere, using the bank’s digital channels, Internet, and Mobile Banking.

Requirement for Open PPF Accounts in SBI bank Online

• You should hold a savings bank account with SBI.
• You should have Net Banking/Mobile Banking access
• Your Aadhaar number should be linked to your account
• Your mobile number linked to your Aadhaar should be active to receive a one-time password (OTP). This is necessary to e-sign/e-authorise the opening of a PPF account instantly.

Step by Step Process to Open PPF Account Online in SBI

Step 1. Visit the SBI  portal at www.onlinesbi.com and log in with your credentials.

Step 2. Click and select the ‘New PPF Accounts’ option.

Step 3. The ‘New PPF Account’ page appears. Customer details, such as name, address, CIF number, and PAN, will be displayed.

Step 4. Click the checkbox if you are opening the account on behalf of a minor.

Step 5. Enter the bank branch code and branch name of your home branch. Further, enter up to five nominee details based on your choice. Click ‘Submit.’

Step 6. Once you verify all the details entered, click on ‘Proceed.’

Step 7. The PPF account will be created, and the PPF account number will be displayed. PPF account statements are available on internet banking.

Step 8. Click on the tab ‘Print PPF Online Application’ to print the account opening form. Visit the branch with the printed form, KYC documents, and a photograph within 30 days to complete the account opening process.

Done you have opened an Online PPF account in State Bank of India.

Option 2. How to open PPF Accounts in SBI bank Offline by visiting Bank Branch.

What documents are required to open an SBI PPF Account?

As a user, you are required to submit several documents to the bank authority before you open your SBI PPF account. The following documents are essential for opening an SBI PPF Account:

• Identity Proof- can be Voter ID Card, Driving License, Aadhar Card, etc.
• Residence Proof- can be Voter ID Card, Driving License, Aadhar Card, etc.
• two recent color photographs (passport size)

How to open an SBI PPF Account at the Branch?

The process of opening an SBI PPF is very straightforward. A person needs to follow the given steps, and within a matter of hours, their SBI PPF account will be active.

Step 1- Locate an SBI Branch near you.

To begin with, you are required to find an SBI branch near you. This can be done by using the online branch locator tool on the website of SBI. You can find the nearest SBI outlet and then visit the same within its operating hours by using the same. Do not forget to take the required documents and their self-attested copies with them. You can get help from the official tool, i.e., SBI Branch Locator Tool Near You.

Step 2- Get a PPF Account Form

On visiting the branch, request the manager give you a PPF Account form. This form will contain detail about PPF and its policies which SBI follows. Go through it carefully and fill the state with the necessary information.

Step 3- Submit the form along with the required documents

Once the form is completed, submit the same to the manager or the designated counter. Make sure that you have double-checked every piece of information mentioned in the form. Also, attach the documents wherever necessary.

Step 4- Take PPF Account Passbook

After submitting, wait for the manager to give you a PPF Account passbook. This passbook needs to be updated regularly and contains information concerning the deposits you will be making in the future. Moreover, this passbook must be maintained similarly as you retain your bank account passbook.

How much do I need to deposit under PPF?

The Government of India has declared that people can deposit an amount of INR 500 to INR 1,50,000 within one calendar year. There are no restrictions on the number of deposits as long as the total amount mentioned above is not crossed either way.