A Public Provident Fund (PPF) account is considered among the most sought after investment products by financial advisors. Offered by various institutions including India Post and commercial lenders such as State Bank of India (SBI), PPF is a retirement planning-focused investment instrument that helps individuals save from a long-term perspective. A Public Provident Fund account can be set up against an investment of Rs 500, up to Rs 1.5 lakh in a financial year. The amount can be deposited in a lump sum or in a maximum of 12 installments per year (in monthly instalments). A PPF account matures in 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each, according to State Bank of India's website - onlinesbi.com. State Bank of India allows its customers to open a PPF account online through its internet banking portal.
Here are the details how to open a PPF account online using SBI's internet banking portal (onlineSBI.com):
For applying a new PPF account a customer has to log in to online SBI account and click on request and enquiries tab. From the drop down you will have to click on new PPF account. After clicking the link you will be directed to a page containing your account details.
If a person wants to open a PPF account for minors, then one has to check the tab which says "If account to be opened in the name of a Minor, click here" and fill the details of a minor such as his or her date of birth, name and relationship with the applicant.
If a person is opening an account which is not meant for minors then one needs to uncheck the tab "If account to be opened in the name of a Minor, click here".
Also Read: Public Provident Fund (PPF) Account: Revised Interest Rates, Tax Benefits, Other Details
The customer then has to choose in which branch he or she wants to open the PPF account by entering the branch code. The five-digit branch code can be found online by clicking on branch locator link given below the tab.
After putting in branch code the customer will be asked to put in the names of nominees. A maximum of five nominees can be added for a PPF account and their details can be added online by assigning the percentage of total share a PPF account holder wants to nominate.
After submitting, the page would say your application has been successfully submitted with a reference number.
Also Read: Post Office Public Provident Fund (PPF) Account: Interest Rate, Tax Benefits, Key Features
By clicking on Print PPF Application tab the reference number for the application will appear and by clicking that reference number the form will be downloaded.
After downloading the form, one needs to print and fill the form and submit it at the branch within the 30 days along with KYC documents. Aadhaar and PAN Card are mandatory for opening a PPF account.