How to open PPF account in SBI: The public provident fund (PPF) scheme makes for an investment avenue that offers decent returns, as well as income tax benefits under section 88 of the Income Tax Act. If you are looking to invest in this scheme, and want to open a PPF account in the State Bank of India (SBI), here is a step-by-step guide you can follow to do so via the OnlineSBI portal.
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Step 1: Login to your personal banking account on retail.onlinesbi.sbi.
Step 2: Click on the “Request and Enquiries” option from the dropdown menu.
Step 3: Click on “New PPF account”. You should see your savings account details on the screen.
Step 4: Enter details of your home branch or the branch you want to open your PPF account in.
Step 5: Enter the 5-digit branch code and click on “Get Branch Name.”
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Step 6: You will see columns to fill in nominee details. You can add up to five nominees for PPF. Just fill in their names and the percentage you want to allocate to them.
Step 7: Click submit. You will see a message saying the application has been successfully submitted and a reference number on the screen.
Step 8: Download this form by clicking on “Print PPF Online Application” and print it.
Step 9: Check the pre-filled details on the form, paste your photo, and put your signature as well as the date wherever required.
Step 10: Submit this with Know Your Customer (KYC) documents within 30 days. Remember that it is mandatory to carry your Aadhaar card and PAN card for opening a PPF account in SBI.
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Note that the rate of interest is determined by the Central government on a quarterly basis. The account can be transferred to other branches, other banks, or Post Offices upon the subscribe
