India Public Provident Fund (PPF) Account Opening in State Bank of India (SBI)

Current Post is on how an individual residing in India open a Public Provident Fund (PPF) Account in State Bank of India (SBI)

Public Provident Fund (PPF) is a tax saving route taken by many individuals recently. Due to low risk and government backing, many consider it as safe bet. The interest rate declared by Government of India are close to inflation values.

Following sections will help you open an India Public Provident Fund (PPF) Account in State Bank of India (SBI):

Sections:

1. Locate an State Bank of India (SBI) branch.
2. Required Documents
3. Public Provident Fund (PPF) Form A and E Filling
4. Public Provident Fund (PPF) Passbook
5. Rules
6. Tips

1. Locate an State Bank of India (SBI) branch:

One can search for nearest SBI branch via SBI Branch Locator service.
(Most of the SBI branches will be undertaking PPF serive, but it is better to call \ visit the branch to confirm the PPF service availability)

Visit the finalized nearest SBI branch will following documents photocopy and originals.

2. Required Documents:

1. One Recent Passport size photograph
2. Address Proof: (Any One)
   • Passport
   • Driving License
   • Ration Card
3. Pan Card

3. Public Provident Fund (PPF) Form A and E Filling:

Form A is for opening of PPF Account.

1. Paste the photograph on top right corner.
2. Mention the branch name in field at top left corner.
3. Mention the PAN card. Mandatory
4. Fill the details like name and if for minor your details as guardian
5. Sign at lower right where signature is mentioned
6. Also sign at lower left where additional signature is mentioned

Form E is for nomination of PPF Account.

1. Fill the details like name and if for minor your details as guardian
2. Take signature of two witnesses mostly your parents or relative signature can be taken
3. Sign at lower right where signature is mentioned

Deposit Challan:

1. Account Number: PPF Account Number
2. Name: Name as you mentioned in PPF Form A
3. Address: Address as per proof in PPF Address proof document
4. Amount Details: As per cash denominations or cheque number
5. Amount in words
6. Signature

4. Public Provident Fund (PPF) Passbook:

Submit the Form A and Form E along with photocopy. The person in charge will verified the information in Form against the original documents and any missing information.

Mostly the account will be opened in 20 minutes but some times they ask to come next day to collect the passbook.

Passbook first page will be printed with all the required details like Account Number, Name, Son\Daughter\Wife\Husband of, Branch Name.

The nomination details of Form E will be present as Nomination Registration Number on Page 1 of Passbook

From Page 3 onwards the transaction details will be printed.

5. Rules:

• Only an Indian resident can open an PPF account
• Only one PPF account for an individual
• Exempted under 80C - Indian Tax Laws
• Minimum Limit for deposit is Rs 500 /- per year
• Maximum Limit for deposit is Rs 1,00,000 /- per year
• Maximum of 12 deposited can be made over year
• Deposit should be in multiple of Rs. 5/-
• Interest Rate is declared every year by Government of India
• Nomiations can be made. Fill PPF Form E.
• Minimum tenure for PPF Account is 15 years.
• Extended with block of 5 years

6. Tips:

• The lowest balance between 5th and last working day of the month is used for calculating the interest. Hence, depositing the amount before 5th will fetch more interest

Done. We opened the PPF Account in SBI branch.

Appreciate your feedback & suggestions via comments.

Thanks.