A Public Provident Fund (PPF) account is a government-backed long-term savings plan that encourages retirement savings while also giving tax benefits. The PPF account, with a duration of 15 years and an annual interest rate of 7.1 percent, is a safe investment choice with consistent earnings. Opening an SBI PPF account online is a very simple process that makes it easier for individuals to save for their future.
Step By Step Guide To Open SBI PPF Account Online
Step 1: Use your right credentials to log in to your SBI online account at www.onlinesbi.com.
Step 2: In the upper right corner, click on the “request and inquiries” box.
Step 3: Select the “New PPF Accounts” link from the drop-down menu.
Step 4: Your presented data, such as name, address, PAN card, and CIF number, will be displayed on the “New PPF Account” page.
Step 5: Tick the box if you are opening the account on behalf of a minor.
Step 6: Enter the branch code where you want to create your PPF account if it is not for a minor.
Step 7: Enter the selected bank branch’s branch code and name. Additionally, submit information about at least five nominations based on your preferences.
Step 8: Press the “Submit” button. A confirmation dialogue box will display, verifying that your form was successfully submitted.
Step 9: Write down the reference number and download the form given.
Step 10: Click the “Print PPF Online Application” option to print the account opening form.
Step 11: Finally, send the completed PPF form, together with your KYC documents and a current photograph, to your SBI branch within 30 days.
Requirements For Opening An SBI PPF Account Online
1. Your SBI savings account must be linked to your Aadhaar card.
2. To get OTP, your registered mobile number must be active and linked to your Aadhaar card.
You may quickly create an SBI PPF account online by following these steps and satisfying the conditions, making it a hassle-free option to insure your financial future.