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Here's how you can open a PPF account online using the net banking facility provided by SBI. Once the PPF account is opened, you can transfer funds from your linked SBI bank account, view balance and even view the PPF account statement.
PPF (Public Provident Fund) is a popular long-term investment option available in India. PPF offers attractive interest rates with the safety of capital. It is an ideal investment scheme for investors with low-risk appetite. Returns earned from PPF account are fully exempted from income tax under Section 80C of the Income Tax Act, 1961. One can save tax on investment amount starting from Rs. 500 to a maximum of Rs. 1,50,000 in a financial year. Moreover, investors get facilities such as loan, withdrawals, and extension of PPF account. PPF is an excellent investment option for self-employed people and for those who belong to the unorganised sector since EPF/GPF is not available for them.
Following are some of the salient features of PPF.
Typically, a PPF account can be opened in any designated post office or a bank branch. However, if you are a customer of SBI Bank, opening a PPF account is extremely easy and can be done in a few minutes. SBI customers can now open a PPF account online using net banking facility at anytime and from anywhere. SBI has announced the launch of online services that enables customers to open a PPF account instantly in a paperless manner. The SBI bank customers have an option of opening a PPF account as per their convenience at anytime, anywhere, using the bank's online portal and mobile app.
Following is what you need as prerequisites to open an instant PPF account using SBI net banking.
PPF is a viable option to save and achieve life goals in the long run. And with SBI’s features and benefits, it becomes an extremely attractive savings instrument.