Wednesday, January 9, 2013

Opening PPF (Public Provident Fund) account in SBI

As financial year is coming to an end, tax savings options like PPF, ELSS mutual fund, insurance etc are main topics of interest for Salaried person like me.
Few days back, I went to State bank of India bank (SBI), Chinchwad branch to open PPF account. After enquiring, I came to know that you need SBI Savings account in any Branch for opening PPF account.
As I was not having SBI savings account, I completed all formalities to open savings account that day. I was told that I will get SMS when account opening process is complete (within 2-3 days).
I did not get SMS for more than one week so I went to SBI branch. Account was still not activated. They have activated it in front of me.
I collected Pass Book by depositing amount in my Account.

Next, I collected PPF form and came back Home. Today (9th Jan 2013) I am going to complete PPF account opening procedure.

Updating procedure to open account (now after opening PPF account in SBI). It was very smooth process.
To open PPF (Public Provident Fund) account in State bank of India bank (SBI),
1. You need savings account in any of the SBI branch.
2. Collect PPF account opening Form (It is one page form ) from SBI branch which is having PPF account facility.
3. Documents Required
  • 2 Photos (1 on PPF form and 1 on account Passbook)
  • Pan Card Xerox (Original also required for verification)
  • Address Proof Xerox (Electricity Bill, Passport with Current address etc.) with originals
4. Fill PPF form. On Nominee details page, witness details also need to be filled. (Witness Name, address, signature). Witness can be your family member, friend.
5. Verify PPF form and documents.
6. After verification, PPF account opening procedure starts . (Entering form details in Bank system)
7. Once you get PPF account number, fill PPF slip to deposit money in account.
8. Collect PPF Passbook by showing PPF payment slip to passbook counter.

No comments: