Public Provident Fund: PPF is the best option to keep your future safe and secure. If you also want tax benefits, then definitely open a PPF account. It also gives tax benefits at every step. By investing in it, the returns earned during this period, maturity amount and overall interest are completely tax-free. Under this, you will also get tax exemption on investment of 1,50,000 under Section 80C of Income Tax. Not only this, you can easily open it sitting at home.
PPF gives bumper benefits
At present, you are getting 7.1 percent interest on PPF account. According to experts, investing in PPF for a long period also gives the benefit of compound power, that is, you will get extra benefits here. The country’s largest public sector bank State Bank of India (SBI) also allows customers to open PPF account online. Let us know its complete process.
These documents are necessary
To open PPF accounts, you need to have enrollment form, passport size photograph, Permanent Account Number (PAN) card copy, ID proof and residence proof. As per the KYC norms of the bank, you must have these documents to open the account. So let’s know the process of opening PPF account in the country’s largest bank SBI.
Procedure to open PPF account in SBI
1. For this, first go to the SBI net banking portal – onlinesbi.com and log in.
2. Now go to ‘Request and Enquiries’ tab and click on ‘New PPF Account’ option.
3. Then click on ‘Apply for PPF Account’ section.
4. Here on the screen, fill the required details like name, PAN and address.
5. After this, enter the branch code of the bank from where the account is to be opened.
6. Now enter your nominee details and submit.
7. After this you will get an OTP which you need to enter and click on ‘Print PPF Account Online Application’ to print the form.
8. Visit the branch within 30 days with your Know Your Customer (KYC) documents and photographs. The account opening form gets deleted after 30 days from the date of submission as per SBI.