How to open PPF Account Online:Â Public Provident Fund (PPF) is one of the most preferred retirement savings funds among the working class in India. Its popularity can be attributed to its long term investment, power of compounding interest and the income tax exemptions available.
How to open PPF Account Online:Â Public Provident Fund (PPF) is one of the most preferred retirement savings funds among the working class in India. Its popularity can be attributed to its long term investment, power of compounding interest and the income tax exemptions available.
PPF is a government-backed investment scheme that offers attractive interest rates and safe returns. The special thing is that these returns are completely exempted from tax under section 80C of the Income Tax Act.
The interest rate on PPF account in all post offices and banks including State Bank of India (SBI) for the year 2024 has been fixed at 7.1 percent per annum.
PPF Account Eligibility
Any Indian citizen can open a PPF account. Parents can also open an account on behalf of their minor children. However, Hindu Undivided Families (HUFs) and Non-Resident Indians (NRIs) are not eligible to open a PPF account. Additionally, a person can hold only one PPF account, unless another account is opened in the name of a minor.
How to Open PPF Account in SBI Online (PPF Acount Online Process)
1. Visit the SBI portal and log in with your credentials.
2. Go to ‘Deposits & Investment’ and select ‘Public Provident Fund (PPF)’.
3. Click on ‘PPF Account Opening (Without Visiting Branch)’.
4. Accept the terms and click on ‘Proceed’.
5. Your account details will be pre-filled. Enter the deposit amount, nominee details and select declarations before submitting.
6. Make the initial deposit through any online mode.
7. Your PPF account will be created, and the account number will be displayed. PPF account details can be accessed through internet banking.
8. Visit the branch within 30 days with PPF receipt, KYC documents and a photograph to complete the account opening process.
Documents Required
– PPF Account Opening Form
– Passport Size Photograph
– Address Proof
– Nomination Form
– PAN Card
