Open PPF Account: Public Provident Fund (PPF) scheme is a very useful scheme for the common people. Under this scheme, 7.1 percent interest is being given annually, which is much higher than bank fixed deposits. You can open PPF account in any post office or banks. SBI customers can now open PPF account online through their internet or mobile banking facility. We are telling you how you can open your PPF account while sitting at home.
PPF account can be opened like this
- Login to SBI Online account with your username and password.
- Click on the ‘Request and enquiries’ tab from the top right corner.
- From the drop down menu, click and select the option ‘New PPF Accounts’.
- You will be redirected to the ‘New PPF Account’ page.
- Other details of the customer including PAN number will be shown on this page.
- After this you have to fill the branch code in which you want to open your PPF account.
- Verify your personal details – address and enrollment – then click on ‘Proceed’.
- After submission, a dialog box will appear saying ‘Your form has been submitted successfully’ along with the reference number.
- Now you have to download the form with the given reference number.
- 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.
Aadhaar number must be linked
Your Aadhaar number should be linked to your SBI savings account. Your mobile number which is linked with your Aadhaar must be in active status to receive the OTP.
Account can be opened in 500 rupees
The minimum amount required to open a PPF account is Rs 500. A minimum deposit of Rs 500 needs to be made in a financial year, while the maximum investment limit has been fixed at Rs 1.5 lakh per year.
Extension will be available for 5-5 years after maturity
The PPF account matures in 15 years, however the term can be extended for 5 years each within one year of maturity. For this, it has to be increased one year before the completion of maturity.
Lock in period remains for 5 years
Money cannot be withdrawn from this account for 5 years after the year of opening the PPF account. After completion of this period, money can be withdrawn by filling Form 2. However, if you withdraw money before 15 years, 1% will be deducted from your fund.
Who can open PPF account?
Any person can open this account in his name in any post office or bank. Apart from this, the account can also be opened by any other person on behalf of the minor.
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