How to Open PPF Account in SBI Online: Easy Method and Explanation

Understanding how to open PPF account in SBI online is very crucial to discuss since it will help you to open PPF in an easier way. Somehow, a PPF account is also necessary to have in economic and financial development. To get to know this topic further, let’s check this article out!  

What Is a PPF Account?

To understand how to open PPF account in SBI online, it should be better to know the global definition of PPF account PPF stands for Public Provident Fund, which is a popular and long-term investment scheme that India government offers. 

It became operational in 1968, and the Ministry of Finance was in charge of it. Furthermore, the primary objective of the PPF account is to encourage individuals to save for their retirement while also providing tax benefits. 

PPF is a safe and attractive long-term investment option due to its tax benefits, fixed interest rates, and the backing of the Indian government. 

However, PPF accounts make it a suitable choice for those looking to save for their retirement or long-term financial goals.

What Is SBI online?

If you are googling about how to open PPF account in SBI online, you better know further what is SBI online first. SBI Online refers to the internet banking facility provided by the State Bank of India (SBI). It is one of the largest and most prominent public sector banks in India. 

Internet banking allows SBI customers to access various banking services and perform financial transactions through the internet using a computer or a mobile device.

Here are some of the key features and services offered through SBI Online:

• Bill Payments: Customers can pay their utility bills, credit card bills, insurance premiums, and other bills online using SBI Online.
• Online Shopping: SBI Online offers the facility to make online purchases using debit cards or net banking.
• Fixed Deposits and Recurring Deposits: Customers can open fixed deposit (FD) and recurring deposit (RD) accounts, make deposits, and manage these accounts online.
• Mobile Recharge: SBI Online allows users to recharge their mobile phones or DTH services conveniently through the bank’s platform.
• Investment and Tax Services: SBI Online provides access to investment options like mutual funds and allows customers to make tax payments, including income tax and GST.
• E-Statement: Customers can opt to receive account statements and other communications electronically via email.
• E-Commerce Services: SBI Online offers facilities like payment gateway services for online businesses to accept payments.

To use SBI Online, customers need to register for internet banking by visiting their nearest SBI branch and applying for the service. Once registered, they will receive login credentials (username and password) to access their online banking account securely.

How to Open PPF Account in SBI Online?

The next discussion will be how to open PPF account in SBI online. Somehow, this main discussion will guide you into the easy method and lead you into the exhaustive explanation. Here are the step to take for opening PPF account in SBI online:

1. First, the thing to begin, you must enter your username and password to access your SBI banking online account.
2. On the website, select the ‘Request and Inquiries’ option in the top right corner.
3. Select “New PPF Accounts” from the drop-down menu that appears under the tab.
4. You must enter the information on the ‘New PPF Account’ page. Your Permanent Account Number (PAN), CIF, and name.
5. Give the PAN number for the account you want to contribute money from as well as the bank account number. Click on proceed after entering the contributing bank account’s branch code. Check the branch name that the portal shows automatically.
6. Submit the PPF account opening online form that you filled out. It will send a link for downloading or printing your application form, along with a reference number for your submission.
7. The tab labeled “Print PPF Online Application” must be selected in order to print the fully completed account opening form. The next step is to visit the closest SBI PPF account branch within 30 days and sign the relevant paperwork.
8. Carry self-attested copies of all necessary KYC documents, such as identification and address evidence. A passport-sized photo is also required to finish the account opening process.
9. Your SBI PPF account will be opened after your KYC documents have been successfully verified. The initial deposit must be in cash or by cheque. For opening an account, the required minimum is 500 rupees.

How to Open PPF Account in SBI Offline?

We not only discuss how to open PPF account in SBI online, but also offline. Here is the way to open a PPF account in SBI, follow these steps:

1. Visit the Nearest Branch: Locate the nearest SBI branch where PPF account services are available.

2. Collect the Form: Request the PPF account opening form (Form A) from the branch or download it from the SBI website (if available online).

3. Fill the Form: Fill out the PPF account opening form with accurate and complete information.

4. Submit Required Documents: Gather the necessary documents, which usually include:

   – Identity proof (Aadhar card, passport, PAN card)

   – Proof of Address (Aadhar card, passport, utility bills, etc.)

   – Passport-size photographs

   – Nomination details (if applicable)

5. Deposit the Initial Amount: You will need to deposit the minimum amount required to open a PPF account, which was INR 500 as of the last update. However, this amount is subject to change, so verify the current minimum deposit requirement from the branch.

6. Submit the Form and Documents: Visit the branch and submit the filled-out form along with the required documents and the initial deposit amount.

7. Acknowledgment: After submitting the form and documents, you will receive an acknowledgment receipt.

8. Receive the Passbook: The bank will process your application. Immediately when you have opened your PPF account, you will receive a passbook with information about your PPF account.

Let’s Learn How to Open PPF Account in SBI online!

After reading about how to open PPF account in SBI online, we have known that the technology makes everything easier. Nowadays, you do not need to come to the nearby SBI branch office to open PPF account, since it can be online.