SBI PPF Account: Want to open Public Provident Fund account in State Bank of India? Know these rules first

SBI PPF Account: Opening of Public Provident fund (PPF) account is one of the most popular long-term investment options. Since State Bank of India (SBI) is the largest Indian commercial bank, opening a PPF account in SBI is more useful as one would find more branches of the bank across the nation. SBI PPF account is considered one of the best PPF options in the country.

How to open PPF account in SBI

If an earning individual wants to invest in PPF through SBI, then one will have to fill Form-A and submit it with the necessary documents to any branch of SBI. PPF accounts can be opened in any one branch, so in Form-A, the applicant will have to provide the information about the branch where it wants to open one's PPF account. Only one PPF account can be opened by one person. However, the account can be opened on behalf of the minor as well.

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Documents required to open SBI PPF account

For opening a PPF account, along with Form-A, a nomination form, PAN card copy, Form 60-61, passport size photo and copy of ID proof and residence certificate document as per KYC rules of the bank are required.

PPF account interest rate

The interest rate on PPF is fixed by the government every three months. Currently, the interest rate on PPF is 7.1 per cent and the duration of PPF account is 15 years.

PPF account details

As per the Public Provident Fund Scheme 2019, any adult Indian citizen can open a PPF account. Also, PPF accounts can be opened by an adult person on behalf of a minor. On behalf of a minor child, his or her parents can open a PPF account, but both parents cannot open a PPF account for the same minor child. For a minor boy or girl its grandparents cannot open PPF accounts. But, if a minor child's parents are not alive, then it's parents can open PPF account for the minor child.