Public Provident Fund (PPF) schemes are one of the most popular long-term investment methods in India. This scheme is backed by the Government of India and hence provides substantial returns along with tax benefits.
State Bank of India also offers the opportunity to open a PPF account easily. An SBI PPF Account can be opened across all the branches of the bank across the nation.
Some of the features and benefits of opening a Public Provident Fund Scheme with SBI are mentioned here:
For the current quarter, the SBI PPF interest rate has been fixed at 7.1% per annum.
As per the regulation, the PPF account interest rate is uniform across all banks/post offices that operate the scheme. The SBI PPF account interest rate may change every quarter with respect to Ministry of Finance's announcements.
SBI PPF account online opening procedure is very simple and can be done online with the help of internet banking or mobile banking. In a nutshell, is an extremely easy task that can be completed seamlessly without any hassle given that you fulfil the below-mentioned prerequisites:
Requirements for opening a PPF account online in SBI-
Here is a step-by-step guide to open SBI PPF account online:
1) Log on to your SBI banking online account with your username and password.
2) Navigate to the ‘Request and enquiries’ tab from the top right corner.
3) From the drop-down menu, click the ‘New PPF Accounts’ option.
4) You will be then redirected to the ‘New PPF Account’ page. You need to fill the details online. Existing customer details such as name, address, CIF number and PAN (Permanent Account Number) are displayed on this page.
5) Enter the bank account number and PAN number from which you would like to contribute to the PPF account and provide bank branch details. Once you have entered the branch code, proceed to the next field, the portal automatically displays the respective branch name.
6) Once you have filled and submitted the online PPF account opening form, you will be provided with a reference number and a link to download and print the online filled out form.
7)In the next step, you need to print the account opening form from the tab ‘Print PPF Online Application’, sign the applicable pages and visit your preferred SBI PPF account branch with self-attested copies of applicable KYC documents (PAN, Aadhaar, etc.) and a photograph within 30 days to complete the account opening process
8) Make sure you have all the original KYC documents at the time of branch visit for PPF account opening for verification purposes
Below given is the list of documents required to open a PPF account at SBI-
Opening a PPF account is easy but there are certain conditions for eligibility. The eligibility criteria for opening a PPF account is as follows:
There are 2 ways to deposit money in your SBI PPF account. One is the online transfer mode and another is to visit any SBI bank branch and make the deposit in offline mode.
State Bank of India allows customers to deposit cash in their PPF accounts via online banking. You need to just log in to your SBI online banking account with your credentials and make a fund transfer similar to how you do for any other bank.
For account number, you are required to enter your PPF number to which cash transfer would be made. The payee name should be exactly the same as that mentioned in the PPF account.
SBI PPF account deposit can be made via offline mode by visiting any of the SBI bank branches across the nation.
The offline fund transfer to your PPF account can be made either by filling in a pay-slip at the bank or by depositing an account payee cheque.