How to Open PPF Account in SBI and Contribute Online?

SBI PPF Account Online

There are only few banks which provides online transaction i.e. contributing funds to your Public Provident Fund Online, namely State Bank of India, ICICI, Allahabad Bank and IDBI Bank.

PPF is the best and most popular way to avail tax benefit as contribution in PPF account is an admissible deduction under section 80C and interest earned is also tax free. In case you are still not aware about the PPF account and its benefits, do refer:

1. Public Provident Fund Contributions and Benefits

2. Interest Rates of PPF w.e.f 1st April, 2013

3. How to Extend PPF Account?

Earlier I have posted an article on How to Open an Online PPF Account with ICICI Bank? This time we will see how to open a PPF account with SBI and Transact Online.

How to open a PPF Account in SBI and Transact Online?

1. Choose the Nearest SBI Branch:

Since all branches of SBI do not offer PPF services, so first and foremost thing is to choose nearest SBI Branch which can be located with the help of SBI Branch Locator.

2. Fill up Form and Required Documents:

For PPF Account opening form you have to visit to the SBI Branch and get the form from there. Along with Form you will have to furnish one identity proof one residence/address proof and 2 recent passport size photos. All the documents must be self- attested and for verification, carry the originals with you.

Any one of the following documents can be used as Identity Proof

1. Copy of Pan card
2. Copy of Aadhar Card
3. Copy of Passport
4. Copy of Voter ID
5. Copy of Driving license

One of the following documents can be used as Address Proof

1. Copy of Passport
2. Copy of Telephone Bill
3. Copy of Ration card

For your reference, a scanned copy of PPF Account opening form has been attached here.

Download (PDF, Unknown)

3. Get PPF Account Passbook

Once you are allotted a PPF account, a passbook would be issued which will contains all the details regarding your PPF account, like transactions, year-wise number of contributions. A PPF Passbook is very much alike to a Bank Savings Account Passbook.

How to Open an Online PPF Account with SBI

How to Contribute Online in SBI PPF Account?

Case 1: PPF Account with SBI and Savings Account is in other bank

1: Login to your Savings account netbanking (ICICI/ HDFC/ any other bank)

2. Add your PPF account as “Third party Beneficiary” to transfer funds to it

a) Enter Payee Name – Exactly Same as Name in PPF Account (If Sanyam Kumar Jain, then it should not be S.K. Jain or Sanyam Jain)
b) Select SBI branch where PPF account is maintained.
c) Enter Payee Account number – as your PPF Account number mentioned in your Passbook.

As soon as you complete the above steps you will see your PPF account listed as the 3rd party beneficiary account in which you can transfer the money just like you send it to any third party account.

How to Transfer funds in SBI PPF Account OnlineCase 2: PPF Account is in SBI & Saving Account is also in SBI (Same branch)

In case you have your PPF account and savings account at same SBI branch, then you can see your PPF account already linked with your Bank account in NetBanking and you can transfer the money.

No need to add PPF Account as Third Party Beneficiary, Simply transfer money as Funds Transfer.

Case 3: If your PPF Account is in SBI & Saving Account is also in SBI (different branch)

In case you have your PPF account and savings account with SBI but in different branches, then you will have to  call Customer care or visit branch & ask them to link the accounts.

In the meantime, you can transfer funds using the option of adding “Third Party Beneficiary”.

Best Option for NRIs

For NRI who wish to open or continue their PPF account which was opened before becoming and NRI, Online Funds transfer is the best option as they can’t visit branch to deposit the PPF amount.

How to Contribute Offline in SBI PPF Account?

You can personally visit to any branch of SBI and fill up the pay-in- slip with the required amount of contribution (Read: Limits of PPF Contribution per year) to be made and submit at the counter.

Do not forget to carry your PPF passbook which you can update once the amount is deposited. Contributions can also be done through account payee cheque to the PPF account.

Auto-debit or ECS Facility

You can also avail of auto-debit or ECS Facility for making your PPF Contribution. Amount would automatically be deducted at regular intervals from your Bank Account and deposited in your SBI PPF Account. You are only required to furnish a Auto-debit or ECS Form for the same stating the amount to be deducted and the intervals at which this should be done.

How to Tranfer PPF account from any other bank or Post office to SBI?

In case you already have PPF account but with other bank or with post office and you would like to transfer it to SBI. Do refer:

http://www.indiantaxupdates.com/2012/11/02/how-to-transfer-ppf-account-to-another/

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