SBI PPF Account: Good news! New update related to PPF account for SBI customers, now this work can be done sitting at home

PPF Interest Rate: PPF account maturing in 15 years gives annual interest rate of 7.1%. To open a PPF account online, it is necessary to have KYC of your savings account.

Public Provident Fund: If your account is in State Bank of India (SBI) and you are thinking of opening a PPF account, then this news is useful for you. The bank is providing an opportunity to open an online Public Provident Fund Account (PPF Account). Yes, you will not need to visit the bank to open a PPF account. To open an account you will have to complete some steps. After this your PPF account will be opened easily. Apart from this, you can also open PPF account in post office.

Interest rate of 7.1% per annum

PPF account maturing in 15 years gives annual interest rate of 7.1%. To open a PPF account online, it is necessary to have KYC of your savings account. You are required to invest a minimum of Rs 500 in PPF every financial year. Maximum you can invest up to Rs 1,50,000.

How to open PPF account in SBI

1. First of all login to your SBI account.
2. Now, click on the ‘Request and enquiries’ tab.
3. Click on ‘New PPF Accounts’ option from the drop-down menu.
4. You will be redirected to the ‘New PPF Accounts’ page. Here you will see PAN and other customer details on this page.
5. If you want to open an account in the name of a minor then you will have to check on that tab.
6. If you do not want to open an account in the name of a minor, then you will have to enter the code of the branch in which you want to open your PPF account.
7. Here you will have to verify information related to your personal details, address and nominee etc. After this click on proceed.
8. After submitting, a dialogue box will appear saying ‘Your form has been successfully submitted’ i.e. ‘Your form has been successfully submitted. It will also contain your reference number.
9. Now you have to download the form with the reference number displayed here.
10. Print the account opening form from the ‘Print PPF Online Application’ tab. Take it to the branch along with KYC document and a photograph within 30 days from the date of account opening.

Important things to open an online account

To open a PPF account online, your Aadhaar number must be linked to the savings account of SBI. Apart from this, your mobile number should be linked to Aadhaar and should be in active mode.

What is PPF account?

Public Provident Fund (PPF) is a small savings scheme run by the government. Through this you can invest for long term. At present, interest is being given on it at the rate of 7.1 percent. PPF was first introduced to the public in the year 1968 by the National Savings Institute of the Finance Ministry. The maturity time of PPF is 15 years. Even after this, you can extend it for a period of 5-5 years.