PPF account: How to open SBI Public Provident Fund account online, check step by step process

One of the most preferred retirement savings funds among the working class in India is the Public Provident Fund (PPF). Its popularity can be attributed to its long-term investment horizon, the power of compounding, and the income tax exemptions available.

The PPF is a government-backed investment scheme that offers attractive interest rates and safe returns. Notably, these returns are fully exempt from tax under Section 80C of the Income Tax Act.

For 2024, the PPF account interest rate across all post offices and banks, including the State Bank of India (SBI), is set at 7.1 per cent per annum.

Eligibility for opening a PPF Account

Any Indian citizen can open a PPF account. Parents can also open accounts on behalf of their minor children. However, Hindu Undivided Families (HUF) and Non-Resident Indians (NRI) are not eligible to open PPF accounts. Additionally, an individual can only hold one PPF account, unless a second one is opened in the name of a minor.

How to Open a PPF Account in SBI Online

1. Visit the SBI portal and log in with your credentials.
2. Navigate to ‘Deposits & Investment’ and select ‘Public Provident Fund (PPF)’.
3. Click on ‘PPF Account Opening (Without Visiting Branch)’.
4. Accept the terms and click ‘Proceed’.
5. Your account details will be pre-filled. Enter the deposit amount, nominee details, and select the declarations before submitting.
6. Make the initial deposit through any online mode.
7. Your PPF account will be created, and the account number will be displayed. PPF account statements can be accessed via internet banking.
8. Visit the branch with the PPF receipt, KYC documents, and a photograph within 30 days to complete the account opening process.

Required Documents

- PPF account opening form
- Passport size photo
- Address proof
- Nomination form
- PAN card