SBI PPF Account: How to open Public Provident Fund account in SBI, know the complete method here

SBI PPF Account: In today’s time when people want safe investment, Public Provident Fund (PPF) is one of the most trusted schemes. PPF is run by the government. Many banks give the option of opening a PPF account

SBI PPF Account: In today’s time when people want safe investment, Public Provident Fund (PPF) is one of the most trusted schemes. PPF is run by the government. Many banks give the option of opening a PPF account. State Bank of India (SBI) provides its customers the facility to open a PPF account. PPF account in SBI can be opened both in the branch and online.

How to apply?

To open a PPF account in SBI, the customer has to fill Form-1. This form and necessary documents have to be submitted in any nearby SBI branch. Customers who have Internet Banking (INB) facility can also open a PPF account online from home.

Required documents

The following documents are required to open a PPF account.

PPF account opening form (Form 1)

Nominee form

Passport size photo

Copy of PAN card or Form 60/61

Aadhaar card or copy of Aadhaar nominee number

PPF account

PPF account is for 15 years. But, if the customer wants, he can extend it for a period of 5-5 years. For this, it is necessary to fill Form-4. Keep in mind that this application has to be made within one year of the account maturing. Only those accounts can be extended which are regularly subscribed.

Withdrawal service

PPF is a long term investment, but if needed, customers can withdraw money from it.

Withdrawal facility is available from the 6th financial year of the account.

Money can be withdrawn only once every year.

Withdrawal limit

(i) 50% of the account balance as of 4 years ago

(ii) or 50% of the account balance as of the previous year — whichever is lower. If there is any outstanding loan in the account, the amount will be deducted at the time of maturity.

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