Opening a Public Provident Fund (PPF) account with the State Bank of India (SBI) is a smart financial decision as it offers several benefits such as tax exemptions and long-term savings. One of the best things about opening a PPF account with SBI is that it can be done easily and quickly, and without the need to visit a branch. With the advent of technology, SBI has made it possible for customers to open PPF accounts online through its internet banking portal, Yono app, and other digital platforms. In this article, we will take a look at the steps involved in opening a PPF account with SBI without visiting a branch.
How To Open PPF Account in SBI
To open a Public Provident Fund (PPF) account at the State Bank of India (SBI), you can follow these steps:
- Visit your nearest SBI branch with the required documents, which may include a government-issued ID, proof of address, and passport-sized photographs.
- Fill out the PPF account opening form, which is available at the bank branch.
- Submit the form along with the required documents and the minimum deposit amount, which is currently Rs.500.
- Once your account is open, you can make a deposit into your PPF account at any SBI branch or through online banking.
- You will receive a passbook that will have all your transactions.
- You can also check your account balance online through SBI net banking.
It is worth noting that for opening the account, you will have to fill an account opening form and KYC form. Also, you need to submit all the original documents to the bank for verification.
How to open ppf account in sbi using yono app
It is possible to open a Public Provident Fund (PPF) account at the State Bank of India (SBI) using the Yono app, here is how:
- Download the Yono app from the Google Play Store or the Apple App Store and install it on your mobile device.
- Register for the app using your mobile number and create a login ID and password.
- Log in to the Yono app using your login ID and password.
- Go to the “Investments” section and select “PPF” from the list of options.
- Fill out the online application form with your personal and financial information, and upload the required documents, such as a government-issued ID, proof of address, and passport-sized photographs.
- Submit the form and make the minimum deposit of Rs.500.
- You will receive an acknowledgement of account opening through email and SMS.
- Once your account is open, you can make a deposit into your PPF account through the Yono app.
- You will receive a passbook that will have all your transactions.
It is important to check the SBI website for the latest information as the process is subject to change and also make sure you have an account with SBI before attempting to open a PPF account via YONO app.
How to open ppf account in sbi online
It is possible to open a Public Provident Fund (PPF) account at the State Bank of India (SBI) online, here is how:
- Go to the official website of SBI and log in to your net banking account.
- Click on the “Services” tab and select “Deposit/Investment.”
- Choose “PPF” from the list of options and click on the “New Account” button.
- Fill out the online application form with your personal and financial information, and upload the required documents, such as a government-issued ID, proof of address, and passport-sized photographs.
- Submit the form and make the minimum deposit of Rs.500.
- You will receive an acknowledgement of account opening through email and SMS.
- Once your account is open, you can make a deposit into your PPF account through online banking or through cash deposit at the bank.
- You will receive a passbook that will have all your transactions.
Please note that you need to have an online banking account with SBI to open a PPF account online. Also, it is important to check the website for the latest information as the process is subject to change.
How to open ppf account in sbi offline
To open a Public Provident Fund (PPF) account at the State Bank of India (SBI) offline, you can follow these steps:
- Visit your nearest SBI branch with the required documents, which may include a government-issued ID, proof of address, and passport-sized photographs.
- Fill out the PPF account opening form, which is available at the bank branch.
- Submit the form along with the required documents and the minimum deposit amount, which is currently Rs.500.
- You will be required to provide your personal and financial information, along with your signature on the form and required documents.
- The bank will verify the information provided and will process the account opening.
- Once your account is open, you can make a deposit into your PPF account at any SBI branch.
- You will receive a passbook that will have all your transactions.
- You can also check your account balance online through SBI net banking.
It is important to note that for opening the account, you will have to fill an account opening form and KYC form. Also, you need to submit all the original documents to the bank for verification.
How to open ppf account in sbi through internet banking
It is possible to open a Public Provident Fund (PPF) account at the State Bank of India (SBI) through internet banking, here is how:
- Log in to your SBI internet banking account by visiting the official SBI website and entering your login credentials.
- Go to the “Services” tab, and select “Deposit/Investment”
- Choose “PPF” from the list of options and click on the “New Account” button.
- Fill out the online application form with your personal and financial information, and upload the required documents, such as a government-issued ID, proof of address, and passport-sized photographs.
- Submit the form and make the minimum deposit of Rs.500.
- You will receive an acknowledgement of account opening through email and SMS.
- Once your account is open, you can make a deposit into your PPF account through internet banking.
- You will receive a passbook that will have all your transactions.
It is important to check the SBI website for the latest information as the process is subject to change. Also, it is important to have an internet banking account with SBI before you proceed with opening a PPF account online.
How to open ppf account in sbi without visiting branch
It is possible to open a Public Provident Fund (PPF) account at the State Bank of India (SBI) without visiting a branch, here is how:
- Download the SBI’s YONO (You Only Need One) app from the Google Play Store or the Apple App Store and install it on your mobile device.
- Register for the app using your mobile number and create a login ID and password.
- Log in to the Yono app using your login ID and password.
- Go to the “Investments” section and select “PPF” from the list of options.
- Fill out the online application form with your personal and financial information, and upload the required documents, such as a government-issued ID, proof of address, and passport-sized photographs.
- Submit the form and make the minimum deposit of Rs.500.
- You will receive an acknowledgement of account opening through email and SMS.
- Once your account is open, you can make a deposit into your PPF account through the Yono app.
- You will receive a passbook that will have all your transactions.
It is important to note that you will need to have an account with SBI and should be registered for SBI net banking before proceeding with the account opening. Also, it is important to check the SBI website for the latest information as the process is subject to change.
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FAQ: About How to Open PPF Account in SBI
A: Any individual who is a resident of India can open a PPF account with SBI. This includes adults, minors (through guardian), and Non-Resident Indians (NRIs).
A: The minimum deposit to open a PPF account with SBI is Rs.500.
A: Yes, it is necessary to have an existing account with SBI to open a PPF account.
A: Deposits can be made into your PPF account with SBI through various modes such as internet banking, Yono app, and even cash deposit at the branch.
A: You can check the balance of your PPF account with SBI through internet banking, Yono app or by visiting the branch and getting a passbook updated.
A: Yes, you can make partial withdrawals from your PPF account with SBI after the completion of 7 years from the date of account opening.
A: Yes, the interest earned on the PPF account and the maturity amount is tax-free. And the deposits made to the PPF account are eligible for tax deductions under Section 80C of the Income Tax Act.
A: It typically takes 2-3 working days to open a PPF account with SBI after submitting the complete application and required documents.
It is important to check the SBI website for the latest information as the process is subject to change.
