The Public Provident Fund is a most attractive long-term investment scheme for all Indian Individuals. The Public Provident Fund scheme is introduced by National Savings Organization to inculcate the habit of saving in the Indian citizens in the year of 1968. Now, the Public Provident Fund investment scheme is backed by the Indian Government.
In this scheme, the Indian government offers a more safety, attractive interest rate and returns. In the Public Provident Fund Scheme, anyone can invest minimum INR 500 to maximum INR 1,50,000 in any financial year. If you have a Public Provident Fund account, then you can also get the other banking facilities such as Extension Amount, Loan, and Withdrawal.
The SBI is top of among the list of all banks which provides Public Provident Fund scheme because SBI (State Bank of India) is one of the most trusted names in the Indian banking sector. Earlier The Public Provident Fund Scheme could only be obtained through Indian Post Offices, but now all the authorized banks that are working in the India allow you to open your PPF account in their banks. In this time, Opening a Public Provident Fund account in the banks is too easy and convenient.
Here, In this article, we have mentioned about how to open Public Provident Fund account in SBI bank. In any SBI branch, you can open your Public Provident Fund account easily. But first of all, you need to find out the nearest SBI branch that allows you to open your Public Provident Fund account in their bank. In this kind of schemes, the bank earns very less profit, If you go for opening a Public Provident Fund account in the bank then they normally insist on opening a saving account in their banks instead of public Provident fund account. So that’s the reason you need to confirm that the bank will allow you to open a PPF account their branch.
In this kind of schemes, the bank earns very less profit, If you go for opening a Public Provident Fund account in the bank then they normally insist on opening a saving account in their banks instead of public Provident fund account. So that’s the reason you need to confirm that the bank will allow you to open a PPF account their branch.
What are the documents required for opening a PPF (Public Provident Fund) account in any SBI Bank or Branch?
Identity proof like:
- PAN Card
- Voter ID
- Aadhar Card
- Driving License
- Government Service Identity Card
Address Proof like:
- Aadhar Card
- Electricity Bill
- Water Bill
- Telephone Bill
- Ration Card
- PSU Bank Passbook copy
- PSU bank savings account statements for last three months
- Permanent Resident Certificate of your respective State.
Form for opening PPF account:
- Public Provident Fund Account Form-A
- Nomination Form-E
- Passport size photograph
- Copy of Your PAN card
After filling all the required form along with all the necessary documents like ID proof, Residential Proof, etc.
You can submit it to your nearest SBI branch to open a Public Provident Fund account. The SBI generally takes minimum 4 to 7 business days to process the account opening request. Once you complete all the formalities, then you can apply to your bank to provide PPF account passbook.
Once you get the passbook of your Public Provident Fund account, then you can deposit money to your PPF account via Online.