How To Open PPF Account Online in SBI Bank
India’s largest bank SBI now provides facility to open PPF account online through SBI Internet Banking service. (Also read: How to open PPF in account in HDFC)
PPF remains a good retirement option despite falling interest rates. The interest rate of PPF is recalibrated every quarter. Current (Dec 2017) PPF interest rate is 7.8 per cent that is fully exempted from Income Tax under section 80C.
The minimum investment in PPF is Rs.500 and maximum investment is Rs.1,50,000 in a financial year. The PPF term will be 15 years, but it can be extended in a block period of 5 years after maturity. PPF Loan also can be availed between 3rd to 6th financial year.
SBI’s ‘New PPF Account’ facility enables existing SBI customers with Internet Banking services to prepare their PPF application online. This form can be downloaded and submitted along with a photograph and the required KYC documents at the SBI bank branch. (Also read: Simple Steps To Check Your EPF Account Balance Using Your Mobile)
How To Open PPF Account Online in SBI Bank?
Let me now explain the steps to open PPF account online with SBI Bank.
Step 1: Login to SBI Banking Internet Banking portal onlinesbi.com
Step 2: Next, Click e-services’ section and find the ‘New PPF Account’ option on the left side navigation panel.
Step 3: On the next screen, your personal details will be displayed including your Name, Address and PAN. Even you will get an option to open a new PPF account in the name of a minor.
Step 4: Then enter the branch code (5 digit code) in the specified field. You can search the specific branch code through the Branch Locator tool.
Step 5: After this, you required to enter the nominee details with % amount for each nominee and then click on Submit.
After the successful submission of PPF, the SBI portal issues a reference number.
Print this PPF account opening form from the tab ‘Print PPF Online Application’ and visit the selected branch with KYC documents and a photograph within 30 days. This form valid only for 30 days and it will deleted from the link. (Also read: Simple Steps To Link SBI Bank Account With Aadhaar)