How to open PPF account in SBI? Step by step guide
It offers a healthy return of 8% p.a subject to change as per the government notifications. While State Bank of India (SBI) is India's largest lender with branches all across the country and people look to open PPF account there.
Public Provident Fund, popularly known as PPF is a government backed investment tool, which can be opened in some listed banks and all post offices. It offers a healthy return of 8% p.a subject to change as per the government notifications. While State Bank of India (SBI) is India's largest lender with branches all across the country and people look to open PPF account there. Now, with digital push, the online option too has made it very easy to open an account.
Here is a step by step guide on how to open a PPF account in SBI, as per bank:
Step 1: One must be an SBI savings account holder in order to open a PPF account at SBI online. An individual needs to have access to the bank's Net banking portal. Once he/she gets the log-in credentials from the bank, they can visit onlinesbi.com and enter the secure User ID and password to login to proceed ahead.
Step 2: Now drag your mouse to the 'request and enquiry' option and click on 'new PPF account' tab. After this, you will be redirected to 'apply for PPF account' portal.
Step 3: Now here enter your bank details, nominee details, etc. on the Net banking portal. While some of your existing details, including your PAN (Permanent Account Number) details, will already be displayed on the portal.
Step 4: After that, you need to enter the Branch Code of the branch where you want to open the PPF account. This information is mandatorily required. After entering the bank branch details the portal will automatically show a drop-down list of the respective bank branch names. Now select the one from the list given on screen.
Step 5: Now enter the nomination details, also keep in mind that all the details will be verified including your address details and after verification click on the 'Proceed' tab.
Step 6: Once you are through with the process, your PPF account will get created and, the PPF account number will get displayed on the Net-banking portal. Now to end the process, take a print of the form and visit the bank branch, mentioned with KYC documents within 30 days to open your PPF account in SBI.