If you are looking for a long term investment, then opening a PPF account online is one of the best financial tool available in current market, where you can get a risk free assured income after 15 years. You can get a good return in long term whatever market condition is. Not only that you can also save your income tax by saving in PPF account in which you can deposit maximum of Rs 1.5 lakh every year. You can easily open a PPF account in your nearest authorized bank or post office. Here we will discuss more about how to open a ppf account in sbi bank . Generally this procedure require your physical presence in the Bank, so practically you can’t open a PPF account online. You can download the PPF application form and then submit that to nearest SBI branch.
Also Read Why One Should Open A PPF Account Online As Early As Possible
Steps to open PPF account in SBI
- Before preparing the documents, just visit your nearest SBI bank (or any Nationalized Authorized Bank to open PPF account) or post office to know about PPF acocunt. Also collect forms and list of documents need to be submitted with the form. Branch manager will explain you clearly the facts and procedure about a PPF account.
- Now fill up the form carefully. You can even download the PPF account opening form from Bank website and take a print out and then fill up. Carry a recent passport size photograph also (Take more than 2 photo for safe side).
- You have to provide a nominee name while filling the form. You can put more than one nominee name. Nominee will get the amount in case of your death, but nominee can’t continue the account further.
- You have to submit copy of your any one of photo identity proof (Carry originals as well for verification if required) : Passport, Pan card, Driving license, Voter id or Ration card.
- Now visit to that bank or post office with filled up form and photo graphs. Submit the forms with required documents attached.
- After submitting the form, you will be provided a passbook. This will record all your transactions, interest accumulated, loan taken everything.
- You can’t have multiple PPF account in your name. You can’t open a Joint PPF account as well. The account can be opened only for one person’s name.
Recently the PPF interest rate has been increased to 8.7% (w.e.f. 2014-15). You have to deposit min Rs 500/- every year to continue the account. Maximum you can deposit Rs 1,50,000/- per year. Earlier PPF maximum limit was up to 1 lakh only, but after the latest Budget it has been raised to 1.5 lakh.