How to open a PPF account in SBI

If you want to open a PPF account, you can consider different nationalized banks like SBI, PNB or Bank of Baroda. However, SBI is one of the most reputed banks and thus people prefer it for PPF. Read this post for more information on how can you open your PPF account in SBI.

Every individual wants to save taxes but due to lack of information he is not able to take the required steps. For instance, very few people are aware about the PPF investment and its benefits. PPF is very useful investment medium and one can claim tax rebate on up to Rs 100000. The best thing about the PPF account is that it gives good interest (comparable to bank FDs) and even the maturity amount is tax free. You can read more about the PPF in the article "Features and Benefits of PPF account in India".

How to Open a PPF account in SBI Bank

A PPF account can be opened in selected branches of banks like SBI, ICICI and BOB or in a post-office. In my opinion, you should avoid opening PPF account in post office as majority of the post offices do not have enough cash every time. Thus you face delay while taking the maturity amount from your PPF account if you open the PPF account in post office. On the hand, opening PPF account in banks is easy and you can complete the whole procedure in a day. SBI has the highest reach and thus I am explaining the whole procedure for SBI bank.

Step1: Choose the SBI branch: The option of opening a PPF account is not available at all SBI branches. At such, you need to find out the branch that offers this facility. Generally, the main branches in an area offer PPF account opening. You can contact the main branch in an area and confirm this information.

Step2: Fill the Required Form: You can ask for the PPF account opening form in the branch and then you will have to fill all the details. You need to submit address proof, proof of residence and two passport photographs with the application. An important thing to note is that you cannot open joint PPF account. However, you can add a nominee to the PPF account and it is recommended to do this.

Step3: Deposit the Form and get the passbook: Once your account is opened, you will be issued a separate passbook. This passbook is just like the savings passbook but details are mentioned on first page including the account type.

The whole process should not take more than 30-50 minutes and it depends on the workload of the branch.

Depositing Money in the PPF account at SBI

You can deposit money in the PPF account by visiting the bank. Not that the minimum deposit is Rs500 and maximum is Rs 100000 in an year. In case, you have a savings bank account in SBI and have online banking activated, you will see the PPF account also after logging in. You can deposit the money online also using the fund transfer option in SBI online banking.

Do you have a PPF account? In case you have any problem in opening a PPF account or have any doubt about this scheme, you can leave a comment below.

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