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How To Open PPF Account Online through SBI NetBanking

How To Open PPF Account Online

Currently, PPF interest rate in India is checked every quarter, however it was not the same before. PPF interest rates were recalibrated on an annual basis.

State bank of India (SBI) offers an internet facility to apply for a PPF (Public Provident Fund) account. India's largest financial institution SBI gives this facility as a part of its online Banking services. Even with the dipping interest rates wealth managers, advisors believe PPF or Public Provident Fund still remains a good choice for long term financial savings. SBI's 'New PPF Account' facility enables SBI customers - who have subscribed to its internet banking - to apply their PPF or Public Provident Fund application. A digital form may be submitted with a photo and KYC (know your customer) documents at any SBI banking branch.

SBI has shared a hyperlink video on its website - onlinesbi.com - explaining the process.

How to create new PPF account through SBI website onlinesbi.com

Step 1
When you login into your SBI's internet Banking portal onlinesbi.com, locate the 'New PPF Account' option beneath the 'e-services' section and click on it.

Note: (After login, the SBI portal displaying the 'New PPF Account' link)

How to create new PPF account through SBI website onlinesbi.com

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Step 2
This results in the 'New PPF Account' page on the SBI portal. Existing customer information together with his or her PAN (permanent Account Number) are displayed in this page.

Note: (The SBI portal showing primary details of the customer including PAN)

How to create new PPF account through SBI website onlinesbi.com
Step 3
With this office, SBI clients additionally can open another PPF account inside the name of a minor. Enter the branch code (5 digit code) gave in the field. SBI's onlinesbi.com portal also allows customers to look for the branch code of their preferred SBI branch via the 'branch Locator' tool.

Note: (The branch Locator' option allows the consumer to find the branch code of the desired SBI branch)

How to create new PPF account through SBI website onlinesbi.com
Step 4
Once you input the branch code and continue with the following field, the portal automatically displays the respective branch name.

Note: (Customer is required to fill the branch code inside the respective field to proceed)

How to create new PPF account through SBI website onlinesbi.com
Step 5
After this step, the customer is required to provide names of any nominees to the PPF account.

Note: (The customer can assign more than one nominees to the new PPF account)

How to create new PPF account through SBI website onlinesbi.com
Step 6
After filling within the required information, continue by clicking on 'submit'. Post successfully submitting, SBI portal comes up with a unique reference number.

Note: (The SBI portal displays a reference number at the end of the procedure)

How to create new PPF account through SBI website onlinesbi.com

Please print the account opening form from the tab 'Print PPF online application' and visit the branch with KYC documents and a photograph within 30 days, as per SBI application process.

Please keep a note that the A/c opening form will be deleted after 30 days from the date of submission," SBI adds. Even a digital format i.e. PDF version for the form is available from the 'Print PPF online Application' tab.

Partly filled form with customer details over the SBI portal in the earlier steps, customer can print this form, fill within the PPF amount, affix a photograph and important information along with signature and deposit it over the bank branch together with KYC documents.

The application additionally comes with form E, for mentioning any nominees for a new PPF account. The customer has to also share information pertaining to any other PPF which was held by him or her in the past.

Investments in PPF presently get an interest rate of 7.8%. Also PPF enjoys EEE (exempt-exempt-exempt) in terms of income tax implications - contribution, interest and maturity all are tax free. Interest charge on PPF and other small financial savings scheme are presently being reset every quarter since April’16, however it was annually prior to that.