Public Provident Fund (PPF) is a small savings fund offered by the Government of India. The rate of interest is determined by the central government quarterly. The popular long-term savings scheme, which matures in 15 years is currently giving 7.1% interest annually. A PPF account can be opened in a Post Office, some banks like State Bank of India (SBI) and ICICI Bank also provide the option of opening a PPF account. The account can be opened either by visiting the branch or through online. SBI customers can now open a PPF account online anytime through its internet or mobile banking facility.
Requirements of opening SBI PPF account online
Here is a step-by-step guide to open SBI PPF account online:
1) Log in to SBI online account with your username and password.
2) Click on 'Request and enquiries' tab from the top right corner.
3) From the drop down menu, click and select ‘New PPF Accounts’ option.
4) You will be redirected to the ‘New PPF Account’ page. Existing customer details including PAN (Permanent Account Number) are displayed on this page.
5)If you want to open the account in the name of a minor, then you need to check on that tab.
6) If the account is not to be opened in the name of minor, then you need to fill the branch code in which you want to open your PPF account. Provide bank branch details.
7)Your personal details - address and nomination- need to be verified. Once verified, click on ‘Proceed’.
8) After submitting, a dialogue box will appear saying, 'your form has been successfully submitted'. It will also have the reference number.
9) Now you need to download the form with the reference number given.
10) Print the account opening form from the tab ‘Print PPF Online Application’ and visit the branch with KYC documents and a photograph within 30 days.
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