Opening a PPF account with SBI is one of the most important options for individuals. In order to open your account for the same, one has to fill the PPF form and submit the documents as required. The PPF facility isn't available in all SBI branches for which you might have to enquire whether it is available at your nearest branch or not.
After submission of the form and necessary documents, you successfully open your PPF account and get the passbook furnished with all your bank details and PPF transaction details. Only Indian citizens are allowed to get their PPF account on their own name or on behalf of the minors.
The mandatory documents required to be submitted while opening a PPF account are as follows:
The SBI PPF account opening form is a short and candid form to be filled with basic details like name, initial deposit amount, original declaration of PPF account opening, other PPF accounts held by the customer and signature of the individual signifying completion of all the key terms for account opening.
There are numerous benefits of having SBI PPF account like nomination facility, tax benefits applicable to the PPF SBI scheme, withdrawal facility and loan against the PPF amount, transfer of SBI PPF account, etc., which makes on opt opening a PPF account in SBI.
The current interest rate is 8.7% p.a. which is considered to be better than returns on any other investment as the income is tax-free.