State Bank of India (SBI) assists its customers in setting up a PPF or Public Provident Fund account online. SBI customers - holding one or more bank accounts with the bank - can fill a PPF application form online through the lender's internet banking portal, onlineSBI.com, by providing details such as the branch code and names of nominees, according to a video tutorial shared by the country's largest bank on its website. This form is required to be completed by adding the remaining details including a photograph, and then submitted at the desired bank branch to apply for a PPF account. Applicable KYC or Know Your Customer documents, including copies of Permanent Account Number (PAN) card and Aadhaar card, are to be mandatorily submitted along with the form at the SBI branch, according to the bank. The PAN card, which contains a 10-character alphanumeric identification number, is issued to assessees by the Income Tax Department.
How to open PPF (Public Provident Fund) account with State Bank of India (SBI) account through internet banking (OnlineSBI.com):
The bank has listed out the following steps for its customers to set up a PPF account using its internet banking facility:
1. The customer is required to log in to his or her internet banking account on the bank's portal, onlineSBI.com.
2. Once logged in, the internet banking subscriber is then required to click on the "new PPF account" option under the "request and enquiries" section, according to the bank.
3. After this step, the customer's savings account details are displayed on the next page on the internet banking portal.
4. In case the PPF account is to be set up for a minor, the user is required to check the relevant option given on the page. The user is then asked by the facility to enter details such as name of minor along with his or her relationship with the applicant.
5. In case the PPF account is to be set up for an adult, the user is asked to enter the desired branch code. A branch code is a five-digit number.
6. If the customer is unaware of the code of the branch of his or her choice, he or she can search the branch code through the "branch locator" tool.
7. After this step, the user is required to enter details of nominees. SBI allows up to five nominees for a PPF account. The user is also asked to provide his or her choice for share of nominee in the PPF account. For example, if there is one nominee, the share will be 100 per cent.
8. The user can proceed by clicking on the "Submit" button. After this step, the user is assigned a reference number, which is displayed on the next page.
9. Using this reference number, the user can download the form and take a printout of it in physical form.
10. This form, after filling in necessary details and pasting a photograph in the indicated space, is then to be submitted in the SBI branch of choice along with KYC documents within 30 days, according to the bank.
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