Today, the PPF account has become an important consideration for every individual who has a source of income. The facility of PPF not only offers an individual with the benefit of making savings on a regular basis, but also allows a person to save taxes. One of the most recognized ways to invest in PPF is investing SBI PPF accounts. You can also open PPF account in post office. But the most popular way to open PPF account is in SBI. As SBI has good network branches all over Indian include rural India.
Why Choose SBI PPF Account?
The State Bank of India is the largest bank of the economy and has branches dispersed in every corner of the nation. No matter where you are in India, you can always find an SBI branch near you. This makes this bank very attractive to people who belong from small cities and metropolitan cities.
What documents are required to open a SBI PPF Account?
As a user, you are required to submit several documents to the bank authority before you open your SBI PPF account. The following documents are essential for the purpose of opening an SBI PPF Account:
- Identity Proof- can be Voter ID Card, Driving License, Aadhar Card, etc.
- Residence Proof- can be Voter ID Card, Driving License, Aadhar Card, etc.
- 2 recent color photographs (passport size)
How to open SBI PPF Account?
The process of opening an SBI PPF is very straight forward. A person just needs to follow the given steps and within a matter of hours, his/ her SBI PPF account will be active.
Step 1- Locate a SBI Branch near you
To begin with, you are required to find an SBI branch near you. This can done by using the online branch locator tool on the website of SBI. By using the same, you can find the nearest SBI outlet and then visit the same within its operating hours. Do not forget to take the required documents and its self-attested copies with it. You can get help from the official tool i.e. SBI Branch Locater Tool Near You
Step 2- Get a PPF Account Form
On visiting the branch, request the manger to give you a PPF Account form. This form will contain the detail about PPF and its policies which SBI follows. Go through it carefully and begin filling up the form with the necessary information.
Step 3- Submit the Form along with the required documents
Once the form is completed, submit the same to the manager or the designated counter. Do make sure that you have double checked each and every information mentioned in the form. Also, attach the documents, wherever necessary.
Step 4- Take PPF Account Passbook
After making a submission, wait for the manager to give you a PPF Account passbook. This passbook needs to be updated regularly and will contain information with respect to the deposits which you will be making in future. Moreover, this passbook needs to be maintained in a similar fashion as you maintain your bank account passbook.
How much do I need to deposit under PPF?
The Government of India has declared that people can deposit an amount of INR 500 to INR 1,50,000 within one calendar year. There are no restrictions on the number of deposits as long as the total amount mentioned above is not crossed either way.