How to Open PPF Account in SBI Online: View PPF Balance and Account Statement
Public Provident Fund is an investment and saving for a working person. Any Citizen of India can Open a PPF Account at any Bank across India. State Bank of India also offers PPF Account Facility to everyone. If you have a Bank Account with SBI, you should Open PPF Account in SBI, so that you can Check SBI Account Balance and PPF Balance at one place.
How to Open PPF Account in SBI Online
State Bank of India provides Public Provident Fund Account with attractive interest rate. You can Open a PPF Account with SBI to create a Saving for future. If you have SBI Internet Banking Facility, you can also Apply Online to Open PPF Account at www.onlinesbi.com. SBI PPF Account can be opened for a Tenure of 15 Years. You can extend the Tenure for 05 more years with or without continuing your contribution.
As per PPF Rules your State Bank of India, you can contribute minimum Rs.500/- and maximum Rs.150,000/- per annum towards Public Provident Fund. You can pay your PPF Contribution in lump sum installments, with limit of maximum 12 installments in a year.
Your Contribution towards Public Provident Fund (PPF) will be deducted in your IT Return under Section 88 of Income Tax Act.
Loan and Withdrawal Benefit:
You can avail Loan against your PPF Account or withdraw some amount after completion of a certain period of Creation of PPF Account in SBI.
Rate of Interest on PPF Account:
As per circular issued in March 2017, State Bank of India is paying 7.90% Interest on PPF with effective from 1st April 2017. The Interest is calculated by Central Government on quarterly basis and the Interest will be paid on 31st March every year.
How to Open PPF Account Online through SBI Net Banking
- Go to SBI Online Portal at www.onlinesbi.com.
- Select LOGIN under Personal Banking section.
- Login with your User Name and Password.
- Go to e-Services and select New PPF Account.
- Select Apply for PPF Account tab and fill up Your Name, Address, CIF Number and PAN.
- Provide your SBI Branch Code, Branch Name and your PPF Account Nominee details.
- Click on Submit button and note down Reference Number displayed on your screen.
- Select Print PPF Online Application and print your Application Form.
- Go to SBI Branch with Application Print and KYC Documents to Complete PPF Account Opening Process.
For more information about How to Open PPF Account in SBI Online, kindly visit SBI Bank Branch or SBI Net Banking Portal at www.onlinesbi.com or SBI Official Website at www.sbi.co.in.