With a 23% market share by assets and a 25% market share of the total loan and deposits market, State Bank of India (SBI) is the largest bank in India with a wide reach among people living in remote areas.
The public area bank has north of 15,000 branches in India, thusly, gaining admittance to the plan becomes simpler and reachable. SBI offers a 7.1 percent interest rate on PPF. Opening a Public Provident Fund (PPF) account with SBI is a popular choice. At any Branch, anyone can open an account in their own name or on behalf of a minor or mentally ill person.
Check out the online process for opening a PPF account with SBI.
PPF account with SBI: Documents required
- Form A or PPF account opening form
- Passport-size photo
- Any address proof required by Know Your Customer (KYC) regulations
- Nomination form
- A copy of the Permanent Account Number (PAN) must be submitted
- PPF account eligibility with SBI
- One must have a savings bank account with SBI.
- To receive a one-time password (OTP), one must have access to Net Banking and Mobile Banking.
- Your Aadhaar number must be linked to your account. Your Aadhaar-linked mobile number must be active.
Step 1 of opening a PPF account with SBI: Go to the State Bank of India’s website.
Step 2: Use your user credentials to log in.
Step 3: Select “New PPF Account” from “Request and Enquiries.”
Step 4: On the following page, the client subtleties will be shown — name, address, CIF, Skillet number.
Step 5: If the account needs to be opened in the name of the Minor, check the box below.
Step 6: Enter the Branch Code and continue.
Step 7: Enter the Branch name.
Step 8: Look down and fill up five Nominee details, and tap on Submit.
Step 9: The PPF account number will appear.
Step 10: To print a copy, select “Print PPF Online Application.”
A reference number will be generated following this procedure. Reference number will be valid for the following 30 days from the date of accommodation.
