PPF (Public Provided Fund) is one of the awesome options for any taxpayer who not only wants to save tax on his/her income but also looking for decent tax free returns. Read the article All about Public Provident Fund (PPF) Scheme.
In this article I will tell you how to open PPF account with SBI and that’s just in 3 steps.
Step 1 – Locate the nearest authorised SBI branch:
To open PPF account, first you need to find the nearest SBI branch. Remember, only selected branches of SBI has the facility to offer PPF account. With the SBI branch locator you can find nearest branch.
Step 2 – Fill up Account Opening Form and submit ID & address proof:
You can get the PPF account opening from at the authorised branch which is very much simple and self explanatory to fill up. Once the account opening form has been filled up you need to submit the copy of self attested ID and address proof. See the details of accepted documents;
Any one of the following documents can be used as Identity Proof
1. Copy of Pan card
2. Copy of Passport
3. Copy of Voter ID
4. Copy of Driving license
One of the following documents can be used as Address Proof
1. Copy of Passport
2. Copy of Telephone Bill
3. Copy of Ration card
Along with the above documents you need to provide 2 passport size photographs. Make sure you carry originals of the respective ID and address proof to be verified by the bank official.
Step 3 – Get the PPF Passbook:
After verification of all the documents and putting required initial amount of deposit your PPF account will be opened and you will receive your PPF Account No as well as PPF Account Passbook. This passbook would contain all the details regarding your PPF transactions.
How to contribute further in PPF account:
For your information, in PPF account you can invest minimum Rs. 500 and maximum Rs. 1,00,000 in a particular financial year. Do note, you can contribute maximum 12 times to your PPF account not exceeding Rs. 1,00,000 in total for any particular financial year.
For additional contributions into your PPF account with SBI is possible in both offline as well as online mode.
For Offline Contribution: You can visit to any branch of SBI and fill up the pay-in- slip with the required amount of contribution to be done and submit at the counter. Do not forget to carry your PPF passbook which you can update once the amount is deposited. Contributions can also be done through account payee cheque to the PPF account.
For Online Contribution: For online transaction into PPF account you can not only use you SBI account but also any non-SBI account having the facility to link SBI PPF account within them.
If your SBI account and PPF account are in the same branch then no problem, the details of your PPF account will be automatically linked to the bank account and you can not only view the account details but also transact online with no processing charge. Do not worry if your bank account and PPF account are of two different branches, you can still add your PPF account to your bank account for all future transactions.
For non-SBI account you can link your PPF account details as third party payee beneficiary and transfer the required contributions subject to the availability of the facility with the bank.
Auto-debit or ECS: Contribution into PPF account can also be done through auto-debit or ECS. You just need to fill up the required auto-debit or ECS form for the same. Auto-debit or ECS is very much useful for monthly investments, but make sure you have required funds available in your bank account on the date when the auto-debit or ECS is going to happen else you might get charged for unsuccessful transaction by your bank.
I hope you got the required information to make life easy to open and transact PPF account with SBI.
You can also read the article on How to open PPF Account with ICICI Bank – Online?
Ohh! Before I forget let me tell you, for claiming of income tax deduction you can not only use the updated attested copy of your PPF passbook but also the printout of the online statement (for online statement you need to check whether bank seal and signature is required or not)
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