A PPF account is a favorite saving account among all employees and small business man in India. As there is no tax applied on interest earned on PPF account and provide income tax saving benefits – it is one of the most preferred saving account in India. You can find out more details on PPF account here.
Now you can open PPF account within 1 business day with the help of Interenet facility. Let’s see step by step how to Open a PPF Account online in State Bank of India:
1) Locate SBI Branch:The very first to locate your nearest SBI branch in your area. You don’t need to go far to open PPF account as State Bank of India has branches in almost all areas. Choose nearest branch so that you can easily reach from your home. You can also locate SBI bank branch here.
2) Collect Documents: Once you find the nearest SBI branch in your locality then 2nd step is to collect all required documents that will require to submit while opening a PPF account. You have to collect ID Card, Address proof and 2 passport size photograph. Take 2 photo copy / xerox of these documents and carry original documents as well while visiting bank.
ID Card: An ID Card could be Driving Licence, Pan Card or Aadhar Card, any one of these documents will work fine.
Address Proof: For address proof BSNL land-line telephone bill would be enough. However if you don’t have the land-line connection then Rasan Card or Electricity bill would be sufficient.
Passport size photo: Carry recent 2 passport size photo.
Carry all above mentioned documents with original sheet.
You will receive a PPF Account Passbook on opening of the PPF account in SBI that will look similar to below snap:
Important Notes: An individual can open only 1 PPF account, you can’t open more than one PPF account. If found then one of the account will be closed and amount will be refunded without any interest rates.
What is the minimum and maximum amount i can deposit in PPF Account?
You can deposit minimum of Rs 500 and maximum of Rs 1,00,000 in each financial year. This amount can be submitted at once or in several installments as per your convince.
How can I check total amount balance in my PPF Account?
The State Bank of India will provide the PPF Passbook that is very similar to a SBI passbook. All the transaction made on your PPF account will be reflected to the passbook. Make sure to update the PPF passbook whenever you are depositing fund.
Can I deposit the fund in installments into PPF?
Yes, you can transfer fund into the PPF account as per your convince but please note that maximum transaction in any financial year is 12 only.