Public Provident Fund: PPF is the best option to keep your future safe and secure. Along with this, it also gives tax benefits at every step.
By investing in this, the returns earned during this period, maturity amount and the overall interest are completely tax-free. Under this, you will also get tax exemption on investment of 1,50,000 under Section 80C of Income Tax.
PPF gives bumper benefitsÂ
At present, the PPF account is giving an interest rate of 7.1 percent. According to experts, investing in PPF for a long period also gives the benefit of compound power i.e. extra profit. Country’s largest public sector bank State Bank of India (SBI) also allows customers to open PPF account online. Then what is the delay, open your PPF account today.
Required documentsÂ
Enrollment form, passport size photograph, Permanent Account Number (PAN) card copy, ID proof and residence proof are required to open PPF accounts. As per the KYC norms of the bank, you must have these documents to open the account. So let’s know the process of opening PPF account in the country’s largest bank SBI.
SBI PPF Account Opening Process
1. For this, first of all go to SBI Net Banking Portal – onlinesbi.com and login.
2. Now go to ‘Request and Enquiries’ tab and click on ‘New PPF Account’ option.
3. Then click on ‘Apply for PPF Account’ section.
4. Here on the screen, fill the required details like name, PAN and address.
5. After this, enter the branch code of the bank from where the account is to be opened.
6. Now enter your nominee details and submit.
7. After this you will get an OTP which you need to enter and click on ‘Print PPF Account Online Application’ to print the form.
8. Visit the branch within 30 days with your Know Your Customer (KYC) documents and photographs. The account opening form gets deleted after 30 days from the date of submission as per SBI.
