Public Provident Fund (PPF) account is the Tax Deduction at
Source (TDS) and Income Tax exempted (under section 88 of IT Act) deposit
scheme offered to general public. An individual in his/her own name or on
behalf of a minor can open this account. Few nationalized banks, private sector
banks and post office can open and maintain public provident fund accounts. But
only few banks like State Bank of India (SBI) and ICICI banks offer facilities
to open, maintain and operate PPF account through online banking. Don’t confuse
Public Provident Fund (PPF) account with Employee Provident Fund (EPF) account,
both are entirely different.
It is easy to open PPF account online through SBI Net
banking. Once the application is made for PPF account online, visit the branch
where you are having SB account with the printout of application of PPF account
and a copy of identity proof and address proof as it is mandatory to have completed
KYC for PPF accounts. Verifying documents bank will open the PPF account and issue
separate passbook for PPF account.
from e-services tab, select New PPF account to get application form for PPF account. Default address of account will be taken same as your SB account address
take print out of submitted application form and submit it to the branch
you can view balance and other information of PPF account as you view other accounts
PPF account will be mapped in your SBI internet banking
login within few hours. You can view and operate it online. You can transfer funds
to PPF account using funds transfer to own account option from payments/transfer
tab.
You can transfer money to PPF account using Funds transfer to Own account option
