PPF or Public Provident Fund is a popular and secure long term investment option in India, offering an interest rate of 7.1% during Q2 of FY 2020-21 (July-September). You must deposit between Rs 500 to Rs 150000 into your PPF account to earn this tax-free investment, making it ideal for risk averse investors.
Open SBI PPF Account:
When we think of opening a PPF account, State Bank of India or SBI usually comes to mind as our first choice for opening one. Unfortunately, however, most people struggle with how to open one in this institution. Here are a few methods on how you can open one with them.
Here are a few simple steps you need to follow to open a PPF account at SBI:
Fill the State Bank of India PPF Account Opening form by providing necessary personal details, initial deposit amount and KYC documents including ID proof, address proof and your photograph. Afterward, open an SBI PPF Account:
SBI recently unveiled an online facility to apply for PPF accounts among its internet banking subscribers.
Log into SBI’s internet banking portal, select the “New PPF Account” option under e-services section and you will be taken directly to “The New PPF Account Page”, with existing details shown for you. From there you can select your branch code of choice to open PPF account as well as nominate individuals to manage PPF accounts on behalf of you.
Click “Submit”, you will be given a reference number. Print the application form, fill in all required information and take it along with KYC documents to your bank branch for submission. Also have a look at New PPF Interest Rate Rules
Digital forms may be used to apply for PPF; however, in order to present all necessary documents. Once registered for an account online using net banking facility you can transfer any desired amount into it.
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