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 it, the returns earned during this period, maturity amount, and overall interest are completely tax-free. Under this, you will also get a tax exemption on investment of 150000 under Section 80C of Income Tax.
public provident fund benefits
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. The 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.
An enrollment form, passport size photograph, Permanent Account Number (PAN) card copy, ID proof, and residence proof are required to open PPF accounts. You must have these documents to open the account as per the KYC norms of the bank. So let’s know the process of opening a PPF account in the country’s largest bank SBI.
Procedure to open PPF account in SBI
1. For this, first go to the SBI net banking portal – onlinesbi.com and log in.
2. Now go to the ‘Request and Enquiries’ tab and click on the ‘New PPF Account’ option.
3. Then click on the ‘Apply for PPF Account’ section.
4. Here on the screen, fill in 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.