In today’s world of increasing work pressure and stiff deadlines, many Individuals are not able to plan their taxes well and make use of all the Income Tax Rebates offered to them. But with the introduction of online banking, all finances can now be managed from your finger tips and in this article we would be explaining you how to open a PPF Account in SBI.
Public Provident Fund Account is one of the most popular forms of not only saving your Taxes and earning a Tax-Free Interest as well on the same. In case, you are still unaware of the tax benefits a PPF Account has to offer, then refer the following articles:-
- PPF Account & its Benefits
- Save tax legally in 8 different ways through Tax Planning
- PPF vs Tax Saving Fixed Deposit: Which is a better Investment Option?
A PPF Account can be opened in any Post-Office and selected branches of some banks like SBI, PNB, ICICI etc. As State Bank of India has the highest reach and is available even in remote villages, many Individuals tend to have a high preference for opening a PPF Account in SBI itself.
How to open a PPF Account in SBI
1. Choose the SBI Branch
While opting for opening a PPF Account in SBI, the first thing you should check is your nearest branch of State Bank of India which offers the facility of opening a PPF Account in SBI. A PPF Account cannot be opened in any branch and only selected branches of State Bank of India offer this facility. You can check the list of branches which offer this facility by using the SBI Branch Locator Tool
2. Account Opening Form & Documents Required
Once you’ve checked the list of SBI Branches that offer this facility, visit that Branch and ask them for an Account Opening Form. While opening a new PPF Account in SBI, you’ll have to furnish your Identity Proof, Proof of Residence & 2 Passport Size Photographs. The documents submitted should be self-attested and ensure that you carry the originals along with you.
A Scanned Copy of the SBI PPF Account Opening Form has been attached herewith for your ready reference
3. PPF Account Passbook
You would be issued a PPF Account Passbook once your PPF Account in SBI is opened. This Passbook will contain all details regarding the transactions done in your PPF Account.
SBI PPF PLAN
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