Ads: Get Admission into 200 Level and Study any Course in any University of Your Choice. Low Fees | No JAMB UTME. Call 08063692710

How to Create a PPF Account in SBI Online: Step by Step Guide

Filed in Tutorials by on July 24, 2019

=> Score 370 in JAMB Now with CBT Practice Software

How to Create a PPF Account in SBI  – You want to learn how to create a PPF account in SBI?  Then you’re in the right place, this article will show you step to step way of creating a PPF in SBI, but before we go into showing all that, you should know a little about the state bank of India(SBI).

The State Bank of India (SBI) is an Indian multinational, public sector banking and financial services firm. It is a government-owned corporation with head office in Mumbai, Maharashtra.

The firm is rated 216th on the Fortune Global 500 list of the world’s largest corporations as of 2017. It is the biggest bank in India with a 23 percent market share in assets, besides a share of one-fourth of the total loan and deposits market.

Things to Know Before  Creating a PPF Account

Public Provident Fund

Public Provident Fund (PPF) among others is a well-known long-term investment option scheme. It is sponsored by the Government of India. The public provident fund provides eye-catching interest rate and returns with safety guarantee.

These returns are completely excused from Tax under Section 80C of the Income Tax Act. Investors can save tax from Rs. 500 to a maximum Rs. 1, 50,000 in one financial year, and can get facilities such as loan, withdrawal, and extension of account.

PPF is a pretty good substitute for self-employed people, or for those who are from disorganized sectors since EPF/GPF is not available for them.

Product Features of PPF

  • Eye-catching interest rate of 7.6 percent  that is completely exempted from Income Tax under section 80C
  • Good long-term investments of 15 years
  • Deposit Amount as low as Rs.500  and maximum Rs.1,50,000 in one financial year
  • Deposits can be done in a maximum of  12 transactions
  • Loan can be availed between 3rd to 6th financial year
  • Partial withdrawal facility can be availed from 7th financial year onwards
  • Account can be extended in a block period of 5 years after maturit

Opening a PPF Account

Normally, the easy way of opening a PPF account is via the post office or a bank branch. But in situation where you’re an SBI customer, opening a PPF is very easy, that can be finished in few minutes without any difficulty.  Customers can alternatively open a PPF account online anytime, 24X7.

SBI has publicized the launch of a digital service that allows clients to open a Public Provident Fund (PPF) account promptly in a totally online and paperless way.

An SBI Bank client has the choice of opening a PPF account expediently anytime and  anywhere, using the bank’s digital channels of the internet and mobile banking/Mobile App.

As per SBI’s claim, it is one of the first banks in India to offer instant Public Provident Fund (PPF) account facility.

Opening a PPF Account Online

Here is what you need as a requirement, in order to open an instant PPF, need an account online with SBI:

  • You should hold a  Savings Bank account with SBI
  • You should have net-banking/Mobile banking enabled for your account
  • Your ‘Aadhaar’ number should be linked to your account
  • Your mobile number which is linked to your Aadhaar should be inactive status, to receive OTP (one time password) which is used to e-sign/e-authorize opening of PPF account instantly

Steps to Open the PPF Account Online with SBI.

Step 1: To begin,  locate  the SBI Internet banking using username and password.

Step 2: After logging in, under ‘Request & Enquiries’ (top panel), click on ‘New PPF account’.

Step 3: your information will be displayed in this page, information like  your name, address and other relevant details.

Step 4: On the same page, enter branch code (last 5 digits of IFSC code). The IFSC code may have changed, thus  affirm from the bank before proceeding further.

Step 5: immediately you’re on the same, click on nomination details. PPF actually does not permit joint holding and only nomination may be done. If it’s a minor, there can only be a guardian and no nominees are allowed.

Step 6: By clicking ‘Submit’, the next page will display this information.

Immediately your application gets submitted, a reference number to the Form A will get created. The reference number allocated will be effective for 30 days from the date of submission and then will be erased.

So, within 30 days, you will have to print the account opening form from the tab ‘Print PPF Online Application’ and visit the branch with KYC documents and a photograph.

CSN Team

Join Over 500,000+ Readers Online Now.

Ads: Knock-off Diabetes in 60 Days => ORDER HERE!


Subscribe NOW to Latest GIST from CSN PORTAL in Your EMAIL ADDRESS

Copyright Warning: Contents on this website may not be republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. All contents are protected by DMCA.
The content on this site is posted with good intentions. If you own this content & believe your copyright was violated or infringed, make sure you contact us at [[email protected]] to file a complaint and actions will be taken immediately.

Tags:

Comments are closed.