How to open PPF account in SBI from Sbi netbanking

Introduced in 1968 in India, the objective of Public Provident Fund (PPF) accounts is to encourage the public to make small savings in the form of an investment and earn attractive returns on their savings. This can also be called a savings-cum-tax savings investment vehicle that will let you build a retirement corpus while you can save on the annual taxes. PPF account is a safe investment option as it is backed by the Government of India. The minimum tenure of a PPF account is 15 years which can be extended by blocks of 5 years once the term ends. The minimum amount you can invest in this scheme is Rs. 500. In a given financial year, you can invest up to a maximum of 1.5 lakhs.

If you are an SBI (State Bank of India) customer, you can open a Public Provident Fund (PPF) account easily using the bank’s dedicated online portal for its customers. Follow these simple steps and open a PPF account within minutes.

How to open a new PPF account using the SBI online website for retail customers

• Visit SBI’s dedicated online website for retail customers.
• Login using your credentials and you will land on your account page.
• On top of the page, click on the link ‘Requests & enquiries’.
• You will see a drop down menu with some links. Click on ‘New PPF Account’.
• This will lead you to the details of your savings account.
• If the PPF account has to be opened in the name of a minor, check on the box adjacent to this option.
• Enter the details about the minor including name, date of birth and relationship with the account holder.
• Enter the branch code of the branch in which you wish to open the PPF account. If you do not know the branch code, use the branch locator link you will see on the page.
• Once you input the branch code, you will find the branch name automatically entered in the respective column.
• You can add up to a maximum of five nominees for a PPF account. You can choose the percentage of the accumulated fund to be given to each of the nominees. For example, if you include only one nominee, enter the percentage value as (100).
• Once you click on ‘Submit’, you will see the message ‘Your application has been successfully submitted with reference number: PFXXXXXXXX’.
• The reference number of your application will be automatically added to your account page. Once you click on the reference number, you will be able to download the form. Many details you entered online will automatically figure in the application. Fill in the missing columns with the relevant details and take the signature of two witnesses.
• You need to submit the filled in application physically at the branch where you wish to open the account along with KYC documents. Aadhaar and PAN card are mandated documents for opening a PPF account.

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