The Public Provident Fund is a saving-cum-tax-saving account. In this account, you get highest rate of interest. For 2016-17, rate of interest for PPF account is 8.1% per annum. This rate of interest keep changing every year. Earlier, we could open PPF Account through branches only by physical visit. However, now you can open PPF Account Online in SBI. It’s easy and simple procedure. You just need to have your saving account in SBI and, you should have SBI Internet Banking Facility active.
Recommended Read : What are the features of PPF Account?
How to Open PPF Account Online in SBI?
- Login to your SBI net banking.
- Click on “e-Services” at the top navigation menu. And, select “New PPF Account” from the left navigation menu.
- You will see your name, address and PAN on this screen which is already registered with your SBI Account.
- Choose the branch with which you want to open your PPF Account. It’s better to opt for the nearest branch to your residential address.
- Fill in the nominee details. It’s very important to appoint a nominee not only for your PPF account, but for all your accounts. You never know about the next moment.
Recommended Read : How to Appoint Nominee in SBI online?
- Once you fill in all the required details, click on Submit.
- On successful submission, you will get your PPF Account Number.
- You need to deposit atleast Rs.500.00 in a Financial Year in your PPF Account. And, maximum you can deposit Rs.1.50 Lakhs in a FY.
- You can set Standing Instructions for the payments towards your PPF account from your Saving Account on a particular day of every month. Else, you can transfer a lumpsum amount to your PPF account from your saving account online. Earlier, online transfer to PPF Account was not allowed.
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