Public provident fund (ppf)There is a best investment product for long -term investors. It also provides the benefit of tax exemption along with fix returns. This means that the returns, maturity amount and overall interest earned during the investment period are completely tax-free. You can get tax exemption by investing up to Rs 1.5 lakh every year under Section 80C of Income Tax. Currently, investment in PPF account is getting interest at a rate of 7.1 percent. If your bank account is in State Bank of India (SBI), then you can open a PPF account sitting at home. Let’s know his full process.
Use Net Banking or Yono app
Customers of SBI (State Bank of India) can use the bank’s net banking website or YONO app to open an online PPF (Public Provident Fund) account sitting at home.
PPF account opening process through SBI Net Banking
- Go to SBI’s Net Banking official website
- Login by adding username and password
- After this go to the account “(Accounts) section
- Then click on New PPF Account
- Fill the necessary information (name, PAN number, nominee details etc.)
- Select your branch and submit the form
- After this an OTP will come on mobile. Do OTP verification and confirm the application.
- After this your PPF account will open. Note the PPF account number.
PPF account opening process from Yono app
- Go to the Accounts section of SBI YONO app
- Open PPF Account “Choose option
- Fill and submit details
- Verification through OTP on registered mobile number
- Your PPF account will open successfully
Essential documents
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PAN card is mandatory
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It is necessary to add nominee
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Minimum Deposit: ₹ 500 (Maximum ₹ 1.5 lakh per year)
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