How to Open a PPF Account with SBI

Last Updated at: April 07, 2020
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How to open a PPF Account with SBI

The Public Provident Fund, better known as PPF, is a great long-term scheme that is backed by the Indian government and offers great interest rates and security. Furthermore, all the returns from this scheme are exempt from taxation as they come under Section 80C of the Income Tax Act. Hence, PPFs allow investors to save anywhere between INR 500 to INR 1,50,000 every year. They also get access to a lot of facilities such as loans, extensions, and withdrawals as and when required. Such schemes serve as a great alternative to self-employed people, as they do not have the option of investing in EPFs and GPFs like people from the unorganized work sector.

  1. Features of PPF 

  2. Eligibility to open PPF Account in SBI online

  3. Documents Required for Opening a PPF Account in SBI

  4. How to open PPF account in SBI

  5. Opening an SBI PPF account online for Minors

Features of SBI PPF Account

  1. A rewarding interest rate of 7.6% per annum, which is exempt from taxation as per Section 80C
  2. Provides a secure long-term investment option for 15 years
  3. Deposits can vary between INR 500 to INR 1,50,000 every year
  4. Deposits may be done via transactions, wherein a user can make a maximum of 12 transactions a year
  5. Between the 3rd and 6th year of investing, the user can avail for a loan
  6. From the 7th year onwards, the user has the option of availing partial withdrawal
  7. After maturity, the account may be extended for an extra 5 years
  8. An individual can open only one PPF account 
  9. To open a PPF account for minors, you have to visit an SBI bank
  10. NRIs are not allowed to have their own PPF accounts
  11. Also, joint account holders cannot apply or open a PPF account via the online application
  12. In order to obtain the passbook for a PPF account, the account holder must head to the SBI bank branch.
  13. If an NRI had opened an account while living in India, the PPF account will remain active for 15 years, and once the term is completed, the NRI cannot extend his or her account.
  14. Furthermore, HUFs or Hindu Undivided Families are also not allowed to have their PPF account

online pf registration

Eligibility to open PPF Account in SBI online

To open a Public Provident Fund account in SBI online, the account holder must adhere to the following eligibility criteria:

  • Must have a Savings Account in SBI already
  • Should have enabled net banking on their account
  • Account must be linked to the account holder’s Aadhaar
  • The Aadhaar must also be linked to the user’s registered mobile number 

Documents Required for Opening a PPF Account in SBI

  1. Filled and attested PPF Account opening form 
  2. Passport Size Photographs.
  3. Self-attested Identity proof copies  
  4. Self-attested Address Proof

 

How to open a Public Provident Fund account in SBI

Here’s a look at how to open a PPF account in SBI online.

  1. First and foremost, visit the official SBI portal
  1. Login to the portal using your login credentials
  2. From the homepage, navigate to the New PPF Accounts tab 
  3. You will now be redirected to a new page which will display your account information, such as PAN number and other account numbers
  4. In the box that pops up enter the bank account number from which you want to contribute to your PPF account. Also, provide your PAN number and branch code for the bank to proceed.

Opening an SBI PPF account online for Minors

  • Login to your SBI online account.
  • From the homepage, go to the top-right corner and select the ‘Request and inquiries’ tab 
  • A drop-down menu will appear, and from this menu click on the New PPF option
  • You will now be redirected to a new page, wherein you must fill out your account details
  • If you wish to open an account for a minor, from the tab choose the option, For Minor account, click here
  • Fill all the details required and also fill the extra field that specifies what relationship you have with the minor
  • Add the nominees as required and proceed by clicking Submit
  • If your application has been successfully received, an acknowledgement message will pop up with an application number which may be used for future references
  • Next, download the form that contains the reference number 
  • Print the form, attest it yourself and then submit it at the SBI branch within 30 days with your KYC documents to start your minor account
  • After opening the account, you also have to deposit an initial amount of INR 500
  • When you visit the bank, you will receive your passbook which contains details regarding past transactions and other important details

You may also like reading 

Difference between GPF, EPF & PPF

How investing in NPS can help you save taxes

Post Office Savings Scheme

1+

How to Open a PPF Account with SBI

315

The Public Provident Fund, better known as PPF, is a great long-term scheme that is backed by the Indian government and offers great interest rates and security. Furthermore, all the returns from this scheme are exempt from taxation as they come under Section 80C of the Income Tax Act. Hence, PPFs allow investors to save anywhere between INR 500 to INR 1,50,000 every year. They also get access to a lot of facilities such as loans, extensions, and withdrawals as and when required. Such schemes serve as a great alternative to self-employed people, as they do not have the option of investing in EPFs and GPFs like people from the unorganized work sector.

  1. Features of PPF 

  2. Eligibility to open PPF Account in SBI online

  3. Documents Required for Opening a PPF Account in SBI

  4. How to open PPF account in SBI

  5. Opening an SBI PPF account online for Minors

Features of SBI PPF Account

  1. A rewarding interest rate of 7.6% per annum, which is exempt from taxation as per Section 80C
  2. Provides a secure long-term investment option for 15 years
  3. Deposits can vary between INR 500 to INR 1,50,000 every year
  4. Deposits may be done via transactions, wherein a user can make a maximum of 12 transactions a year
  5. Between the 3rd and 6th year of investing, the user can avail for a loan
  6. From the 7th year onwards, the user has the option of availing partial withdrawal
  7. After maturity, the account may be extended for an extra 5 years
  8. An individual can open only one PPF account 
  9. To open a PPF account for minors, you have to visit an SBI bank
  10. NRIs are not allowed to have their own PPF accounts
  11. Also, joint account holders cannot apply or open a PPF account via the online application
  12. In order to obtain the passbook for a PPF account, the account holder must head to the SBI bank branch.
  13. If an NRI had opened an account while living in India, the PPF account will remain active for 15 years, and once the term is completed, the NRI cannot extend his or her account.
  14. Furthermore, HUFs or Hindu Undivided Families are also not allowed to have their PPF account

online pf registration

Eligibility to open PPF Account in SBI online

To open a Public Provident Fund account in SBI online, the account holder must adhere to the following eligibility criteria:

  • Must have a Savings Account in SBI already
  • Should have enabled net banking on their account
  • Account must be linked to the account holder’s Aadhaar
  • The Aadhaar must also be linked to the user’s registered mobile number 

Documents Required for Opening a PPF Account in SBI

  1. Filled and attested PPF Account opening form 
  2. Passport Size Photographs.
  3. Self-attested Identity proof copies  
  4. Self-attested Address Proof

 

How to open a Public Provident Fund account in SBI

Here’s a look at how to open a PPF account in SBI online.

  1. First and foremost, visit the official SBI portal
  1. Login to the portal using your login credentials
  2. From the homepage, navigate to the New PPF Accounts tab 
  3. You will now be redirected to a new page which will display your account information, such as PAN number and other account numbers
  4. In the box that pops up enter the bank account number from which you want to contribute to your PPF account. Also, provide your PAN number and branch code for the bank to proceed.

Opening an SBI PPF account online for Minors

  • Login to your SBI online account.
  • From the homepage, go to the top-right corner and select the ‘Request and inquiries’ tab 
  • A drop-down menu will appear, and from this menu click on the New PPF option
  • You will now be redirected to a new page, wherein you must fill out your account details
  • If you wish to open an account for a minor, from the tab choose the option, For Minor account, click here
  • Fill all the details required and also fill the extra field that specifies what relationship you have with the minor
  • Add the nominees as required and proceed by clicking Submit
  • If your application has been successfully received, an acknowledgement message will pop up with an application number which may be used for future references
  • Next, download the form that contains the reference number 
  • Print the form, attest it yourself and then submit it at the SBI branch within 30 days with your KYC documents to start your minor account
  • After opening the account, you also have to deposit an initial amount of INR 500
  • When you visit the bank, you will receive your passbook which contains details regarding past transactions and other important details

You may also like reading 

Difference between GPF, EPF & PPF

How investing in NPS can help you save taxes

Post Office Savings Scheme

1+

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