A Public Provident Fund (PPF) account is a long-term savings scheme that is backed by the Government of India
APublic Provident Fund (PPF) account is a long-term savings scheme that is backed by the Government of India. It is designed to encourage individuals to save for their retirement while also providing a tax-saving benefit. The PPF account has a tenure of 15 years and currently offers 7.1 per cent annual interest. It is a low-risk investment that is ideal for those who are looking for a safe investment option with stable returns.
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The PPF scheme is regulated by the Ministry of Finance (MoF) and is also available through authorised banks like State Bank of India (SBI) and post offices across the country. This PPF account can be opened either by visiting the branch of the bank or online as well.
Opening an SBI PPF account online is a convenient way to start saving for your future. Here’s a step-by-step guide to open an SBI PPF account online:
Step 1: Log in to SBI’s online account at www.onlinesbi.com by using correct credentials.
Step 2: Click on the link that reads – ‘request and enquiries’ section from top right corner.
Step 3: From the drop-down menu, click and select the ‘New PPF Accounts’ link.
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Step 4: On the new window, the “New PPF Account” page will appear. Details such as name, address, PAN card and CIF number will be displayed on the screen.
Step 5: Those opening an account on behalf of a minor, need to tick the box on the space provided.
Step 6: If you don’t want to click on minor then fill in the branch code in which you are willing to open your PPF account.
Step 7: To proceed further, enter bank’s branch code and branch name. Also, provide at least five nominee details based on your preference.
Step 8: Then click on the ‘Submit’ button. A dialogue box reading – ‘Your form has been successfully submitted’ will appear on the screen.
Step 9: Write down the reference number and download the form provided.
Step 10: Take a printout of the account opening form from the ‘Print PPF Online Application’ button.
Step 11: Finally, submit the PPF form to the SBI branch.
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The form needs to be submitted with your KYC documents and a recent photograph within 30 days.
SBI PPF Account: Requirements For Opening Online
Your Aadhaar card number must be linked to your SBI savings account.
Your registered mobile number which is linked to your Aadhaar card should be in active status, so that you can receive OTP.
