SBI Customers Can Open PPF Accounts from Home! Check Step-by-Step Process & Benefits

The Public Provident Fund (PPF) is one of the best investment options for long-term investors. It offers tax-exemption benefits along with fixed returns. This means the returns, maturity amount, and interest earned during the investment period are completely tax-free. You can claim a tax exemption by investing up to Rs 1.5 lakh every year under Section 80C of the Income Tax Act. Currently, PPF investments earn an interest rate of 7.1 percent. If you have a bank account with the State Bank of India (SBI), you can open a PPF account from the comfort of your home. Let’s go through the complete process.

Open a PPF Account Using SBI Net Banking or YONO App

SBI (State Bank of India) customers can open a PPF (Public Provident Fund) account online from home using the bank’s net banking website or the YONO app.

How to Open a PPF Account Through SBI Net Banking

1. Visit the official SBI Net Banking website.
2. Log in using your username and password.
3. Go to the “Accounts” section.
4. Click on “New PPF Account.”
5. Enter the required details (Name, PAN number, nominee details, etc.).
6. Select your branch and submit the form.
7. An OTP will be sent to your registered mobile number. Enter and verify it.
8. Your PPF account will be opened. Note down the PPF account number for future reference.

SBI online open PPF account Public Provident Fund: Step by step guide https://t.co/Hwq1dOuYrc pic.twitter.com/SCY7QDXYYF

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How to Open a PPF Account Using the SBI YONO App

• Open the SBI YONO app and go to the “Accounts” section.
• Select the “Open PPF Account” option.
• Fill in the required details and submit the form.
• Verify through the OTP sent to your registered mobile number.
• Your PPF account will be successfully opened.

Required Documents

• PAN card (Mandatory).
• Nominee details (Nominee registration is required).
• Minimum deposit: ₹500 (Maximum ₹1.5 lakh per year).