Want to open SBI PPF account online? Here’s a step-wise process

Want to open SBI PPF account online? Here’s a step-wise process

New Delhi: Public Provident Fund (PPF) is the most preferred investment product among people. It even helps the people to save taxes on the investments up to specified limit every financial year. Income Tax benefits are available under Section 88 of Income Tax Act. The interest income is completely exempt from income tax.


A minimum of Rs 500 and a maximum of Rs 1,50,000 per annum can be deposited. It may be noted that the subscriber should not deposit more than Rs 1,50,000 per annum, as the excess amount will neither earn any interest nor will be eligible for rebate under income tax act. The amount can be deposited in a lump sum or in a maximum of 12 installments per year. The rate of interest is determined by the government on a quarterly basis. The government on Friday reduced the interest rate on small savings schemes, including PPF, by 0.1 per cent for the July-September 2019 quarter. Public Provident Fund (PPF) will fetch an annual interest rate of 7.9 per cent from the existing rate of 8 per cent.

One important feature of this account is that loans and withdrawals are permitted depending upon the age of the account and balances on the specified dates. The scheme offers an investment avenue with decent returns coupled with income tax benefits. In order to open a PPF account, you need not go to the post office or bank, this can be done online as well.

It may be noted that SBI PPF account opening process is not completely online, one has to visit the bank branch to submit the required documents. Given below is a step-by-step process to open PPF account in State Bank of India-

1. Go to you online SBI account and log in with your user ID and password
2. Now under ‘Request and Enquiry’ option, click on ‘New PPF account’. Here you can see the details of your savings account.
3. If you don’t want to open PPF account in the name of a minor, then uncheck the box and enter the five digit code of your home branch where you to open the PPF account.
4. If you don’t know the branch code, you can click on Branch Locator to get it.
5. Now select the respective bank branch name from the drop-down list.
6. Enter the nomination details. Once details are verified, click ‘Proceed’.
7. After the completion of the process, PPF account number will be displayed on net banking portal.

Source:- timesnownews


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