PPF account with SBI: People can open an account in their own name or on behalf of a minor or a person of unsound mind at any Branch.
The State Bank of India (SBI), with wide reach among people in remote regions, is the largest bank in India with a 23 per cent market share by assets and a 25 per cent share of the total loan and deposits market. The public sector bank has over 15,000 branches in India, therefore, getting access to the scheme becomes easier and within reach. SBI offers a 7.1 per cent interest rate on PPF. Many people opt to open Public Provident Fund, PPF account with SBI. People can open an account in their own name or on behalf of a minor or a person of unsound mind at any Branch.
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Take a look at how one can open a PPF account with SBI online.
PPF account with SBI: Documents required
- Form A or PPF account opening form
- Passport-size photograph
- Any address proof of the individual as per Know Your Customer (KYC) norms
- Nomination form
- A copy of the Permanent Account Number (PAN) must be submitted
PPF account Eligibility with SBI
- One should hold a savings bank account with SBI.
- One should have Net Banking/Mobile Banking access
- Aadhaar number should be linked to your account
- The mobile number which is linked to your Aadhaar should be active to receive a one-time password (OTP).
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How to open a PPF account with SBI
Step 1: Visit State Bank of India online portal.
Step 2: Log in with user credentials.
Step 3: Visit ‘Request and Enquires’ and select ‘ New PPF Account’.
Step 4: On the next page, the customer details will be displayed — name, address, CIF, PAN number.
Step 5: Tick off the box below if the account needs to be opened in the name of Minor.
Step 6: Enter the Branch Code and proceed.
Step 7: Enter the Branch name.
Step 8: Scroll down and fill up five Nominee details, and click on Submit.
Step 9: PPF account number will be displayed.
Step 10: Click on ‘ Print PPF Online Application’ to generate a hard copy.
After this process, a reference number will be generated. Reference number will be valid for the next 30 days from the date of submission.
