PPF Account in SBI Bank: Most of the private sector employed people like to invest their money in Public Provident Fund (PPF) scheme. Its biggest advantage is that it provides compound interest. By investing maximum in PPF, a fund of more than Rs 1 crore can be created in a period of 25 years.
PPF Account in SBI Bank: Most of the private sector employed people like to invest their money in Public Provident Fund (PPF) scheme. Its biggest advantage is that it provides compound interest. By making maximum investment in PPF, a fund of more than Rs 1 crore can be created in a period of 25 years. The government is giving interest at the rate of 7.1 percent per annum on PPF. You can open PPF account in any post office or bank. SBI customers can now open their PPF account online from home through their internet or mobile banking service. However, for this it is necessary to have KYC of your savings account, only after this you can open PPF account online.
You can open PPF account in SBI sitting at home
Login to SBI account online with your username and password. There will be a tab of ‘Request and enquiries’ on the right side, click on it. Click on New PPF Accounts from the dropdown menu. Then a new page will open. Enter your PAN and other details on the new page. After that enter the branch code where you want to open your PPF account. Enter all your personal details like address and enrollment number and click on Proceed. After submitting, a dialog box will appear stating that your form has been successfully submitted. Now you have to download the form with the given reference number. Print the account opening form from the ‘Print PPF Online Application’ tab and submit the form to the branch along with KYC documents and photograph within 30 days.
Aadhaar number should be linked to SBI savings account
Your Aadhaar number should be linked to your SBI savings account. Your mobile number which is linked to your Aadhaar should also be active. The minimum investment required to open a PPF account is Rs 500. You can invest a minimum of Rs 500 and a maximum of Rs 1.50 lakh in a financial year.
After maturity, extension will be available for 5 years
PPF account matures in 15 years. After that it can be extended for 5-5 years. Money cannot be withdrawn from this account for 5 years after opening the PPF account. However, if you withdraw money before 15 years, 1% will be deducted from your fund.
