Most of us want to open PPF account , but keep postponing it just because we don’t want to take action. Most of the people want to open their PPF accounts with the most trusted bank in India , which is State Bank of India . Let us see 3 easy steps of opening a PPF account in SBI branch, the whole process does not take more than 30-45 minutes if you prepare in advance and go with all the documents required and there are no blockings in between . The biggest advantage of opening the PPF account with SBI is the online transaction facility you can use to deposit in your PPF account online and dont have to rush to the branch every now and then . Read why you should open a PPF account even if you dont need it right now . 3 Steps of Opening SBI PPF Account 1) Choose a SBI branch which is authorized to go government business. Usually any ‘large’ branch with lots of customers should do. Usually newer and smaller branches may not have this clearance. One doesn’t need to have a Saving Bank account in that branch. Locate your nearest SBI Branch using this 2) Procure and submit account opening form and Identity/address Proofs It would only 3 minutes to fill. Choose a nominee and get a witness signature. Now you have to submit anyone of following Proofs. Passport Pan card Driving license Voter id Ration card Two Passport Size Photographs Any government issued identity or address proof should work. Keep originals of proof in hand for verification if needed. Thats it. The bank should now be able to open the account. Usually it may take about 20 minutes or so. 3) Get PPF Passbook A pay-in slip needs to be filled and the initial subscription needs to be credited into your account. A passbook similar to a Saving Book passbook will be issued with your photo affixed and the nominee’s name stated. PPF rules can be found on the back. This is all , your PPF account is opened now . How to Link your Online SBI Account to SBI PPF account for Online Transaction If you have a online SBI account, you can add the PPF account as a third party account for transfer. As mentioned above the PPF account can be in any SBI branch. There are no processing charges for transfer. When you do this online for the first time, go to the bank and update your PPF passbook and check if the transaction has occurred correctly. This has to be done since you cannot look at the amount in the PPF account as yet in SBI. This is a major drawback of SBI-PPF (and post office) accounts. A standing instruction maybe issued from your online account for auto-credit to PPF. However there are two disadvantages Rarely there maybe system failures and the standing instruction may not get honoured. So you need to check if it has occurred. You cannot subscribe a lower amount if you need the cash for emergency use (this situation wont arise if you had an emergency fund ) You need to go to the bank to cancel the standing instruction . There are only 12 credit transaction allowed per year. So take care of this before issuing a standing instruction. Other points to Consider Subscriptions must be made before the 5th of every month for the amount to taken into account for interest calculation for that month. If you want to open an account in the name of a minor in addition to yours the total limit of subscription is Rs. 70,000/-. The total tax benefit is also the same. This is a new rule and is not yet printed in the PPF passbooks! See Here , Here and Here for more detail An excellent ppf calculator can be found here Calculator at Caclubindia (Registration required) Calculator at Personalfn Comments please , Are you going to open your PPF account this year ? Do you feel PPF account should be opened at Post Office ? Why ? Note : The same procedure will be applicable for most of the other nationalised bank , but it can differ a little bit . Credits : Thanks for Pattu for providing these Steps and I thank him for the contribution . Pattu is one of the best and most valuable reader and contributer on this blog and His comments are thought provoking and worth reading always . Post Footer automatically generated by Add Post Footer Plugin for wordpress. Related Posts: Understanding Demat and Trading account relationship Learn about your EPF and PPF in detail Why to open a PPF account even if you dont need it right now What is Super Annuation Benefit and how to check it online ? RBI Relief Bonds Powered by Contextual Related Posts
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How to Open a PPF account at SBI Bank
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now we r staying in haldwani near new delhi, but my sbi branch is in bangalore, then how can i open an account(sbi ppf), pl advise how to submit the documents,