- Under this scheme, 7.1 percent interest is being paid annually.
- The minimum amount required to open a PPF account is Rs 500.
The Public Provident Fund (PPF) scheme is a very useful scheme for the common people. Under this scheme, 7.1 percent annual interest is being paid, which is much higher than bank fixed deposits. You can open PPF account in any post office or banks. SBI customers can now open PPF accounts online through their internet or mobile banking facility. We are telling you how you can open your PPF account right from home.
This is how you can open PPF account
- Login to SBI online account with your username and password.
- Click on the ‘Request and enquiries’ tab from the top right corner.
- From the drop down menu, click and select ‘New PPF Accounts’ option.
- You will be sent to the ‘New PPF Account’ page.
- The remaining details of the customer including the PAN number will be shown on this page.
- After this, you have to fill the branch code in which you want to open your PPF account.
- Verify your personal details – address and enrollment, then click on ‘Proceed’.
- After submitting, a dialog box will appear saying, ‘Your form has been submitted successfully’. It will also contain a reference number.
- Now you have to download the form with the given reference number.
- Print the account opening form from the tab ‘Print PPF online application’ and visit the branch with KYC documents and a photograph within 30 days.
Also Read: Still paying high interest on your home loan? Switch banks for lower EMIs
Based on the number to be linked
to the base number must be attached to your SBI savings account. Your mobile number which is linked to your Aadhaar, must be in active states to receive OTP.
Can
open an account for Rs 500. The minimum amount required to open a PPF account is Rs 500. A minimum deposit of Rs 500 is required in a financial year, while the maximum investment limit has been fixed at Rs 1.5 lakh per year.
Extension of
PPF account will be available for 5–5 years after maturity. The maturity is in 15 years, however the period can be extended to 5–5 years within one year of maturity. For this, one year has to be increased before the maturity is completed.
The lock-in period lasts for
5 years. After opening a PPF account, money cannot be withdrawn from this account for 5 years. After completion of these periods, money can be withdrawn by filling Form 2. However, after withdrawing money 15 years ago, there will be a deduction of 1% from your fund.
Who can open PPF account?
Any person can open this account in his name in a post office or bank. Apart from this, an account can also be opened by someone else on behalf of the minor.
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