The Public Provident Fund or PPF scheme is one of the most popular long-term saving-cum-investment products, because of its combination of safety, returns & tax savings. PPF scheme is provided by various institutions including India Post and commercial banks like State Bank of India (SBI), HDFC and ICICI etc. The best thing about the PPF scheme is that it enjoys an EEE i.e. "exempt, exempt, exempt" status. This means that the returns, the maturity amount & interest money are exempted from income tax.
You can open a PPF account at the State Bank of India branch with relevant documents.
What documents are required to open a PPF account in SBI
The documents required to open a PPF account are as follows:
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Nomination form
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Passport size photograph
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Copy of Permanent Account Number or PAN card
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ID proof
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Residence proof as per the bank's KYC norms
How to open PPF account through SBI net banking?
Here are simple steps to open a PPF Account through Net Banking:
Step 1 – Go to SBI’s net banking website - onlinesbi.com & log in with your credentials
Step 2 - Click & select 'New PPF Account 'option under 'request & enquirers tab'
Step 3 - A 'new PPF account' page will open. Here under 'apply for PPF account' section, all your existing details like name, address and PAN will be displayed. Below that, you will have to enter the branch code of your bank from where you want to open the PPF account. It must be noted that any branch of SBI can be approached for opening PPF account.
Step 4 – Fill in the nominee details like name, date of birth & percentage amount for each nominee. Then click submit.
Step 5 – The bank displays the application number with a message of successful submission. Now print the account opening form from 'print PPF account online application' link. Then go to your branch with Know Your Customer or KYC documents within 30 days.
At present, investment in a PPF account will give you 7.9% interest per annum. Hence if you want to do some savings for future then open a PPF account in SBI or India Post.
