How to open PPF Account online in SBI?
Harleen last edited by ftForumMod
PPF or Public Provident Fund is a popular and safe long term investment option in India. The present PPF interest rate for quarter beginning Apr'19 is 8% p.a. only. You have to deposit a minimum Rs.500 upto a maximum of Rs.150000 in your PPF account. It's a tax free investment and a favourite alternative for risk averse investors.
Now, when we think of opening a PPF account, the most common name that comes to our mind is SBI or State Bank of India. But, we generally search for ways to open an SBI PPF account.
Open SBI PPF Account:
So here are simple steps you need to follow to open your PPF account in SBI:
- Fill the SBI PPF Account Opening form providing necessary personal details and initial deposit amount.
- KYC documents including ID proof, address proof and your photograph.
Open SBI PPF Account:
Recently, SBI has also introduced an online facility to apply for PPF account for those who have subscribed for its internet banking services.
- Login to SBI's internet banking portal. Select "New PPF Account" option under the e-services section.
- You shall be directed to the "New PPF Account Page". The existing details shall be displayed.
- Fill in the branch code where you wish to open PPF account.
- Give names of nominees for PPF account.
- Click on "Submit" button. You shall be given a reference number.
- Print the "PPF Online Application" and submit it at the bank branch along with KYC documents.
The digital form can be used to apply for PPF. But, you need to visit the branch for providing requisite documents. Thereafter, you can transfer the desired amount to your PPF account online by using the net banking facility.
LandPel last edited by
PPF is a great way to invest in a tax free space. Moreover, you have the opportunity to invest as low as Rs. 500 which is an attractive feature. It is really a helpful post to know how one can open an account. Thanks for sharing this info!
Anmol last edited by
@Harleen PPF is a popular long term investment option in India. Since it has a lot of tax benefits, it is the most common investing alternative. May it be salaried individual or business owners, I have seen people putting money in PPF account.
This is indeed a good choice for investing our money and getting fixed safe returns on it. I think the PPF interest rate is 8% p.a. which is good enough.
Harleen last edited by
@Anmol Hi there, yes you are right PPF is the most common investment option in India. You will definitely find maximum people investing in this traditional investment. And, there's no harm in it. It is a great tool for investors who want to paly safe and not risk their capital.
Shalu Ahuja last edited by
@Harleen That sounds really simple process for opening SBI PPF account. I am thinking to open a PPF account this year. Do I need to have an SBI savings bank account before opening the PPF account? I heard it is a pre-requisite. Is this true or can I open PPF account straightaway also?
Anyways, I'll wish to do online fund transfers to my PPF account, so I think I must have a savings account with SBI.