By Chiprang.com Public Provident Funds (PPFs) are one of the most preferred investments schemes available in India because of its flexibil...
Public Provident Funds (PPFs) are one of the most preferred investments schemes available in India because of its flexibility and tax free structure.
There are many ways to open a new account. The most common are using select post offices and through public sector banks.
In this post we’ll tell you how to open a PPF account with India’s most preferred public sector bank- State Bank of India. You don’t need to have any saving accounts to open a PPF account.
Usually, investments plans involves tedious process. Thankfully, opening a PPF account is very simple and it will take you a maximum of 30 minutes if you have all the required document.
1. First, go to your SBI branch which is authorized to conduct government business.
2. Take copies and originals of any one of these documents along for proof of identity.
- Pan card
- Driving license
- Voter id
- Ration card
Also, take Two Passport Size Photographs
You have to submit only the copy of the documents. Never give your originals to the bank officials. It is only for verification purpose. Now, ask the officials to give you a PPF form and fill it up. Don’t forget to mention your nominee and also a witness signature. After this, submit the form.
3) Get your PPF Passbook
After submission of the form, the bank official will issue you a PPF Passbook which is similar to the Saving Account Passbook. Since, you are required to pay the initial initial subscription you have to take along with you the amount of money you want to invest which may vary from Rs 500 to Rs 70000. needs to be credited into your account.
Now … your PPF Account is Ready. And if you are on your way to a secured investment plan for you and your family.