How to open Public Provident Fund, Sukanya Samriddhi Yojana accounts with SBI
PremiumSBI allow customers to open Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) accounts online
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Public Provident Fund (PPF) is one of the limited risk-free investment tools that can yield a higher average rate of inflation. PPF enjoys an EEE (Exempt-Exempt-Exempt) tax status. This means that the returns, maturity amount and the overall interest earned during the period of investment are tax-free. Currently, the PPF account offers an interest rate of 7.1 per cent. PPF accounts can be opened with post offices or authorised commercial banks. The State Bank of India (SBI) allow customers to open PPF accounts online. The documents required to open PPF accounts are - nomination form, passport size photograph, copy of Permanent Account Number (PAN) card, ID proof and residence proof as per bank's KYC norms.
Steps to open PPF account in SBI:
- Login to onlinesbi.com.
- Go to the 'request and enquirers tab' and click on the 'New PPF account' option.
- Click on the 'Apply for PPF account' section.
- Enter the branch code from where the account is to be opened.
- Now, enter nominee details and submit
- An application number will be displayed along with a message of successful submission.
- Print the account opening form from the tab 'print PPF account online application'.
- Visit the branch with Know Your Customer (KYC) documents and photographs within 30 days.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a government-backed small savings scheme. SSY accounts can be opened with post offices or authorised commercial banks. One of the banks providing the service to open a Sukanya Samriddhi account is the State Bank of India (SBI). Currently, the SSY account offers an interest rate of 7.6 per cent.
The documents required to open SSY accounts are- SSY Account opening form, beneficiary’s birth certificate, address proof of the guardian or parents of the beneficiary, ID proof of the guardian or parents of the beneficiary.
Steps to open an SSY account in SBI:
- Fill up the form
- Submit the documents along with photos
- Deposit cash (Minimum of ₹1,000)
- After opening the account, one can make deposits by cash, cheque or demand draft.
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