SBI Public Provident Fund

I am planning to open an account in the State Bank of India and searching for the details about the SBI Public Provident Fund Account. Can you provide me list of documents required to open SBI PPF Account in this bank also tell what the Eligibility criteria to avail SBI PPF scheme?

[shikha]

State Bank of India is the most popular public sector bank in India. Public Provident Fund or PPF is one of the schemes introduced by National Savings Organization in the year 1968.

Documents required to open SBI PPF Account

The list of these documents is mentioned below.

Duly filled PPF account opening form
Proof of identity. For example, driving license, PAN card, passport, voter’s id
Proof of residence or current address proof
Couple of passport size photographs

Duration of SBI PPF scheme

SBI offers PPF scheme for an initial duration of 15 years after which customers can request extensions in blocks of 5 years.

One or more such 5 year blocks can be requested by customers.

Eligibility criteria to avail SBI PPF scheme

All Indian individuals can avail the SBI PPF scheme either in their own name or in the name of minors. Hindu undivided families are not permitted to avail a single PPF scheme in their name.
Investment limit for PPF account

A minimum investment of Rs.500 per annum or a maximum of Rs.1,50,000 per annum can be deposited as PPF amount. Any amount higher than Rs.1,50,000 earns neither interest nor any tax rebate and hence should not be invested

NOMINATION - Nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber.

TRANSFER OF ACCOUNT - The account can be transferred to other branches/ other banks or Post Offices and vice versa upon request by the subscriber. The service is free of charges.

Contact:

State Bank of India
State Bank Bhavan, Madam Cama Road
Mumbai-400021.

SBI Office Phone Number: +91-22-22029456
SBI Office Fax Number: +91-22-22742431