Commercial banks like State Bank of India (SBI) allow customers to open PPF account online.
Public Provident Fund or PPF is the easiest way to lay the foundation for a secure future. Along with this, it also provides tax benefits at every step. This means that the returns, maturity amount and overall interest earned during the tenure of the investment are completely tax-free.
You can get tax exemption on investment of 150000 under section 80C of Income Tax. Currently, the PPF account offers an interest rate of 7.1 percent. It is calculated on the minimum balance in the account between the fifth day of the month and the last day of the month. According to experts, periodic investment in PPF for a long period offers great benefits with the power of compounding.
Commercial banks like State Bank of India (SBI) allow customers to open PPF account online. The documents required to open PPF accounts are – Enrollment form, passport size photograph, Permanent Account Number (PAN) copy of the card, ID proof and residence proof as per the KYC norms of the bank. Here we are telling the process of opening PPF account in the country’s largest government bank SBI:
- Procedure to open PPF account in SBIGo to SBI Net Banking Portal – onlinesbi.com and login
- Go to ‘Request and Enquiries’ tab and click on ‘New PPF Account’ option
- Click on the ‘Apply for PPF Account’ section. All the existing details like name, PAN and address will be displayed.
- Enter the branch code from where the account is to be opened. PPF account can be opened with any branch of SBI
- Now, enter the nominee details and submit
- An application number will be displayed with the message of successful submission. Print the account opening form from the tab ‘Print PPF Account Online Application’
- Visit the branch with your Know Your Customer (KYC) documents and photographs within 30 days.
- The account opening form gets deleted after 30 days from the date of submission as per SBI.
