Want to open a PPF account in SBI? Here's how you can do it by staying at home
New Delhi | Jagran Business Desk: Public Provident Fund (PPF) is a popular long-term investment option scheme which offers assured returns. The scheme is generally done with a focus on retirement as the nominee gets an assured interest of 7.1 per cent and allows the investor to save a maximum of Rs 1,50,000 in a financial year. Backed by the central government, an Indian citizen can open a PPF account in a bank or a post office. Talking about banks, opening a PPF account in State Bank of India (SBI) is beneficial as it offers several benefits. So here's how an SBI customer can open a PPF account online:
Step 1) It is noteworthy to mention that your Aadhaar number must be linked to your SBI account to open a PPF account.
Step 2) Log in to your SBI account with your user ID and password.
Step 3) Click on the link that reads, "Request and enquiries".
Step 4) No you are requested to click on the 'New PPF Account' option
Step 5) Now you would need to click on 'Apply for PPF account' section. Here, you will see all your details like your name, PAN number and address.
Step 6) Verify your details and click on submit.
Step 7) An application number will be displayed along with a message of "successful submission". Print the account opening form from the tab 'print PPF account online application'.
Step 8) Download your form and visit your branch and get your Know Your Customer (KYC) done within 30 days.
What are the advantages of opening a PPF account?
A PPF account requires a minimum contribution of Rs 500 in a financial year, while the maximum contribution amount is Rs 1.5 lakh. Currently, the interest rate on PPF is 7.1 percent per annum.
Posted By: Aalok Sensharma