Most of the people have the bank account in SBI but they not aware about how to open the Public Provident Fund in SBI. Public Provident Fund is an excellent method of investment and tax saving. A lot of people who are financially aware invest maximum section of their savings in PPF every year. There is a major section of society in Indian which is not aware of the details and benefits of PPF.
PPF Account in SBI
A lot of people know about PPF as an effective tool of saving and tax exemption, but they are not aware of how they can get a PPF account for themselves. For them, we would say that they can walk up to any of the nearest SBI center and get a PPF account activated with just Rs 500 and open their Public Provident Fund in SBI.
Any Indian living in India or abroad is eligible to open a Public Provident Fund in SBI or in any other bank. All they need is walk up to any SBI branch with relevant documents and minimum deposit amount and get the account activated on the same day. You can also get your account activation process started from your online banking account.
The two main documents that are required for opening of Public Provident Fund in SBI are address proof and identity proof along with your photograph. Here is the detailed list of documents:
Any of the documents for identity proof
- Voter ID Card
- Driving License
- PAN Card
Any of the documents for address proof
- Electricity Bill
- Telephone Bill
- Ration Card
When you visit SBI branch to get a PPF account for yourself, you should go prepared with the money that you need to deposit into your account. The minimum opening balance for Public Provident Fund in SBI is Rs 500, however, you can deposit any amount not exceeding Rs 1.5 lakh, which is the maximum investment you can do within a fiscal year.
The bank executive would provide you a form so that you may fill the KYC details and submit it along with these documents. The rate of interest for Public Provident Fund in SBI is 8.7% to be compounded annually. PPF offers the highest interest rate as compared to other long term saving schemes. If you want to know more about PPF so you can read article Public Provident Fund PPF FAQ
PPF is one of the best schemes for you if you are looking for a long term investment with high rate of interest and complete tax exemptions. Visit your nearest SBI branch to get a PPF account for yourself. In this article we have to give the full detail of the how to open PPF or Public Provident Fund in SBI.
Some Important Article Related to Public Provident Fund (PPF)