What is the news:
Process and necessary information of opening PPF account in SBI.
State Bank of India (SBI) is now giving its customers a chance to open a Public Provident Fund (PPF) account. PPF is a safe investment scheme run by the government. It can be opened in the bank’s branch or in online ways.
Customers have to fill Form-1 to open PPF account. This form and the required documents together will have to submit them to the close SBI branch. If you have internet banking, then you can open PPF account while sitting at home.
You will need some documents to open a PPF account. These include the PPF account opening form, the nominee form, a passport size photo, a copy of the PAN card, and the Aadhaar card.
The PPF account occurs for 15 years, but it can also be extended for 5-5 years. For this, you have to fill Form-4 and this application account will have to be done within one year of mature.
If you need, you can withdraw money from PPF account. You can withdraw every year after the sixth financial year. The withdrawal limit is 50% of the last four years or 50% of last year’s balance – which will be less. If you have a loan in your account, the amount will be deducted during maturity.
In short: SBI has the facility of opening PPF account. Form-1 and some documents will be required to open an account. The account occurs for 15 years, which can be extended for 5 years. Money can be withdrawn after the sixth year. The withdrawal limit is 50% of the last four years or last year’s balance.
