A Public Provident Fund (PPF) account is a government-backed long-term savings scheme aimed at promoting retirement savings and providing tax benefits. With a tenure of 15 years and an annual interest rate of 7.1 percent, the PPF account offers a secure investment option with stable returns.
To make it more convenient for individuals to save for their future, opening an SBI PPF account online is a simple process.
Here's a step-by-step guide to opening an SBI PPF account online:
Step 1: Log in to your SBI online account at www.onlinesbi.com using your correct credentials.
Step 2: Click on the "request and enquiries" section located in the top right corner.
Step 3: From the drop-down menu, select the "New PPF Accounts" link.
Step 4: On the "New PPF Account" page, you will find your displayed details such as name, address, PAN card, and CIF number.
Step 5: If you are opening the account on behalf of a minor, tick the provided box.
Step 6: If not opening the account for a minor, enter the branch code where you wish to open your PPF account.
Step 7: Enter the branch code and branch name of your desired bank branch. Additionally, provide details of at least five nominees according to your preference.
Step 8: Click on the "Submit" button. A dialogue box will appear confirming that your form has been successfully submitted.
Step 9: Make a note of the reference number and download the provided form.
Step 10: Print the account opening form using the "Print PPF Online Application" button.
Step 11: Finally, submit the completed PPF form to your SBI branch along with your KYC documents and a recent photograph within 30 days.
Requirements for Opening an SBI PPF Account Online:
1. Your Aadhaar card must be linked to your SBI savings account.
2. Your registered mobile number, linked to your Aadhaar card, should be active to receive OTP.
By following these steps and meeting the requirements, you can easily open an SBI PPF account online, making it a hassle-free way to secure your financial future.
Read more: Attention crypto investors! Important guidelines for ITR filing to avoid problems, check details
