Open PPF Account Post Office SBI India

How to Open a PPF Account at SBI and Post Office Branches in India?

Do you want to open your own PPF (Public Provident Account) but don’t know its procedure? Than don’t worry. This article is absolutely for you. In this article, I will teach you that how you can open a PPF account at any SBI or post-office branch in India.

Step by Step Guide to Open PPF Account

First of all you will need some documents to open PPF account. Here is a list of documents that you will need before opening a PPF account.

01) 2 Passport size photographs

02) Photocopy/Xerox of identity proof ( Passport, Pan Card, Driving License, Voter ID, Ration Card).

You will also require 1 Witness.

Now, visit your nearest SBI or post office branch and ask for the PPF account opening form. Fill the form and give the required documents. Also fill the nominee details and also do the signature of the witness.

Before Opening a PPF account – Things to keep in mind

Interest is calculated on 5th of every month, so Subscriptions must be made before the 5th of every month to take advantage of the interest component for the particular month.

You can invest a maximum amount of Rs 70,000 in PPF account. Tax benefit under Sec 80 C is limited to Rs 70,000 per annum for investment in PPF account.

PPF account is considered to be a retirement savings instrument. It is advisable for you to open a PPF account.

Return on PPF is fixed by the Government of India on a yearly basis.