Country’s largest public sector bank State Bank of India (SBI) allows customers to open PPF account online. Then without delay let’s know how you can easily open your PPF account sitting at home.
Public Provident Fund: Everyone worries about their future and old age expenses. PPF is the best option to keep your future safe and secure. Along with this, it also gives benefit in tax. The returns earned over the tenure, maturity amount and overall interest by investing in it are completely tax-free. Under this, you will also get tax exemption on investment of 150000 under Section 80C of Income Tax. Let’s know about it.
Provident fund gives benefits
It is worth noting that at present the PPF account is giving an interest rate of 7.1 percent. According to experts, investing in PPF for a long period also gives the benefit of compound power i.e. extra profit. Country’s largest public sector bank State Bank of India (SBI) also allows customers to open PPF account online. Then what is the delay, open your PPF account today.
Required documents
It is mandatory to have certain documents to open a PPF account. This includes enrollment form, passport size photograph, copy of Permanent Account Number (PAN) card, ID proof and residence proof. As per the KYC norms of the bank, you must have these documents with you to open the account. So let’s know the complete process of opening PPF account in the country’s largest bank SBI.
Procedure to open PPF account in SBI
- First of all go to SBI net banking portal – onlinesbi.com and log in.
- Now go to ‘Request and Enquiries’ tab and click on ‘New PPF Account’ option.
- Then click on ‘Apply for PPF Account’ section.
- Here on the screen, fill the required details like name, PAN and address.
- After this, enter the branch code of the bank from where the account is to be opened.
- Now enter your nominee details and submit.
- After this you will get an OTP which you need to enter and click on ‘Print PPF Account Online Application’ to print the form.
- Visit the branch within 30 days with your Know Your Customer (KYC) documents and photographs. The account opening form gets deleted after 30 days from the date of submission as per SBI.
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