PPF Account Opening Form: In tough days it’s our savings that we bank upon, hence our investment decisions are to be taken wisely keeping in mind our financial goals. Public Provident Fund (PPF) is one such small savings instrument offered by the government that can help you in financial planning. We take you through the benefits of an PPF account and how to open the account.
What is a PPF account?
Public provident fund is a popular investment scheme among investors who want to earn high but stable returns. It is a debt instrument which comes with a tax benefits.
scheme aims to safeguard the principal amount which is listed among one of the major criteria of investment.
You can invest up to ₹1.5 lakh in a financial year, and get tax benefit on it. The minimum amount you can deposit is ₹500.
Also, the investment in PPF is eligible for tax benefit under Section 80C of the Income Tax Act. Apart from lump sum investment, you can also opt for monthly investment in PPF. PPF has a 15-year tenure and you can extend it by 5 years after the 15th year. You need to be a resident of India to open the account. You can also open the account in the name of a minor.
Why should you opt for PPF?
You may want to opt for PPF due to its tax saving benefit. You can also invest in PPF in case you require money for a big ticket spending. You could consider investment in a PPF account to achieve a long-term goal, such as your child’s education, down payment on a house, prepayment of a loan you have taken or retirement.
In case of PPF, the power of compounding will enable your money to grow. In order to avail the most out of the PPF investment, you should aim investing at the beginning of the financial year.
How do I open PPF account?
You can open PPF account both offline and online after meeting requisite eligibility criteria. You can activate PPF online account by visiting the portal of a chosen bank or post office.
Here are the requisite documents at the time of activation of a public provident fund account
- KYC documents verifying the identity of an individual, such as Aadhaar, Voter ID, Driver’s License, etc.
- Residential address proof.
- PAN card.
- Passport sized photograph.
- Form for nominee declaration.
Here is how you can open an account online with your account in State Bank of India. Make sure your ‘Aadhaar’ number is linked to your SBI savings account. Also, note that your mobile number which is linked to your Aadhaar should be in active status, to receive OTP.
Follow a step-by-step procedure to open SBI PPF account online:
1) Firstly, log in to SBI online account with your username and password.
2) Then click on 'Request and enquiries' tab from the top right corner.
3) In the next step check the drop down menu and then click and select ‘New PPF Accounts’ option.
4) You will be taken to the ‘New PPF Account’ page. Existing customer details including PAN (Permanent Account Number) are displayed on this page.
5) In case you want to open the account in the name of a minor, then you need to check on that tab.
6) If the account is not to be opened in the name of minor, then you just need to fill the branch code in which you want to open your PPF account. Here enter the bank branch details.
7) Your personal details - address and nomination- need to be verified. Once verified, click on ‘Proceed’.
8) Once the submission is done, a dialogue box will appear saying, 'your form has been successfully submitted'. You will also get to see the reference number.
9) Lastly, download the form with the reference number given.
10) Print the account opening form from the tab ‘Print PPF Online Application’ and visit the branch with KYC documents and a photograph within 30 days, as the account opening form is deleted after 30 days from the date of submission, as per SBI.
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