State Bank of India (SBI) is the popular public sector bank in India providing various services online/offline. It also helps you to grow your money over time by providing PPF services. In this article, you will learn How to Open a PPF Account in SBI Online and various other important topics?
Along with opening a PPF account online, you will also learn its features, eligibility, documents required, etc.
But before let understands more about the PPF account…
What is the meaning of PPF Account
PPF stands for Public Provident Fund is a popular long-term investment option opt by the majority of the population in India. It is supported by the Govt. In India hence it is safe and secure.
You can earn handsome returns of PPF which is also Tax-Free under Section 80C of the Income Tax Act. It is best for getting a stable return. It is a very good option to diversify one’s investment portfolio.
Features and Benefits of PPF Account
There are various features of having a PPF Account. you can find them below.
- Investment Amount: You can start investing from as low as Rs. 500 and a maximum of Rs. 1,50,000 per Annum. The deposit can be done in a maximum of 12 transactions.
- Time- Period or Investment Tenure: PPF Account comes with a lock-in period of15 years, before this you can not withdraw the full amount. you can choose another 5 years to extend once this 15 years lock-in period is over.
- Rate of Interest: The rate of interest is determined by Central Govt. on India on a quarterly basis. At present, it is 7.10% per annum with effect from 01.04.2020.
- Nominee: You have to choose a nominee at the time of opening an account. It can be updated in the future.
- Withdrawal: Partial withdrawal is allowed from the 7th financial year onwards as per the PPF Policy.
Eligibility to open PPF Account
- Indian citizens resident in the country are eligible to open a PPF account in his/her name.
- Individuals in their own name as well as on behalf of a minor can open the account at any Branch.
- Non-resident Indians (NRIs) are not eligible for this facility. means they can not open a new PPF Account.
Documents required to Open PPF Account
You must have the below documents ready before opening PPF Account.
- Address proof : Aadhaar Card, Voter ID, Passport etc.
- Identity Proof: Aadhaar Card, Voter ID, Passport, PAN Card, etc. Make sure you do a self-attestation on the document you submit.
- Passport Size Photographs.
Till now we have learned What is PPF, its features & Benefits, Documents required. Let’s now move to the PPF account Opening procedure in SBI Online.
How to Open PPF Account in SBI Online?
In order to open a PPF account in SBI online follow the steps below.
- Visit SBI’s official Internet Banking website.
- Enter your credentials
Login using your Username and Password.
- Look for the Request and Enquiries option
On the home page hover your mouse over the tab request and enquiries and then select the option New PPF Account.
- Apply for PPF Account
On this page fill in your Branch Code, Branch Name, Nominee details and click on the Submit button. If the account to be opened in the name of a minor check the box and enter the minor details.
- Reference Number
Once you fill in the details and submit the application successfully, you will get one Reference Number.
- Click on Print PPF Online Application
Once you submit your application successfully, next click on the tab Print PPF Application.
- PPF Reference Number
you will be able to see your PPF Reference No. in Blue color. Click on that. Once you click the system will start downloading the PPF form in PDF format.
- Print the downloaded Form
Print the PDF form, Paste one Passport size photograph, enter the amount in figure and words from which you want to start your PPF account (minimum Rs. 500), enter the Date, Sign it and submit it to your Bank Branch where you have opened your PPF Account.
- PPF Account Number
Once you submit the PPF Account opening form you will get your PPF account number on the same day.
How to Open SBI PPF Account by Visiting Bank Branch
Follow the steps below in order to open PPF account by visiting bank.
- Visit any SBI Bank branch nearby.
- Get PPF Account opening form from the bank officials.
- Fill in the form, sign it, attach the relevant KYC documents like PAN card, Aadhaar card, etc. photograph with the form, and submit it to the bank officials.
- You need to pay minimum Rs. 500 at the time of opening a PPF Account.
How to transfer SBI PPF Account to another Branch
Follow the procedure below in order to transfer your SBI PPF account to another branch.
- Visit the Bank branch where you maintain your SBI PPF Account currently.
- Submit an application to the current bank branch to transfer your SBI PPF Account. Make sure to mention the details such as the current PPF account number/branch as well as details of the bank to which you want to transfer your account.
- Attach the PPF Account statement along with the application. you can get it online using SBI Net Banking or Mobile Banking.
- Once your request is processed successfully your current bank will forward your documents to the bank branch where you are transferring your PPF account.
- After a week visit the new bank branch with your original KYC documents for verification.
- Once verification is done your PPF account will be activated at the new bank branch.
In this article, you have learned How to Open a PPF Account in SBI Online, features, eligibility and how to transfer a PPF account. I hope the above information will be useful to you.
If you have any questions or doubts do ask in the below comment section. I will be happy to answer them.
No, Currently SBI does not provide the facility to transfer your PPF account online. you need to visit your bank branch to proceed.
Yes, you can open it. the only this is that you can not pay PPF amount online. you need to deposit the amount in Cash or Cheque.
It will take 7 to 10 working days to transfer your SBI PPF Account
Currently, it is 7.1 %.