How To Open PPF Account In SBI?

You must submit Form C at the SBI branch where the account exists to close your PPF account. Provide all details, including your PPF account number, the reason for the closure and details of the bank where you want the amount to be credited in the Form. After thorough verification, SBI will process your account closure request. The entire amount in your PPF account will be sent to the account you have mentioned on Form C. 

However, as per the rules governing PPF accounts, you can withdraw your entire PPF account balance only after the account completes its tenure of 15 years. Thus, you can close your PPF account only upon completion of the 15-year term. However, premature withdrawal of up to 50% of the PPF account balance is allowed after completing 6 years. This is permitted under special circumstances only.

Yes, you can transfer your PPF account from SBI to any other bank or post office. Here is the procedure:

• Visit the SBI bank branch where your PPF account is opened.
• Request for the application form to transfer the PPF account and fill it up with the relevant details.
• The branch representative will process your application and forward it along with the certified copy of the account, nomination form, account opening application, specimen signature, and the cheque/DD for the outstanding balance of the PPF account to the new bank branch.
• Once the new branch receives your application and supporting documents, you have to submit a new PPF account opening application along with the old PPF account’s passbook. You may change the nominee at this point.
• Once this application is processed, your PPF account is successfully transferred to the new bank branch.

Below is the process to view the PPF account passbook online:

• Login to your SBI net banking account by entering your credentials.
• Click the ‘Deposit & Investment’ and select the ‘Public Provident Fund (PPF)’ option.
• Select ‘PPF Account Statement’ option.
• You can view and download your SBI PPF account passbook.

Below is the process to get the PPF account passbook offline:

• Go to the SBI branch where you have opened your PPF account
• Fill the form to issue PPF passbook and submit it to the bank officials.
• Once you get your PPF passbook, you can get it updated and check all the transactions.

You can check the account balance online or offline. 

• Log into your SBI bank account online using SBI net banking or mobile banking credentials. Click ‘Deposit & Investment’ option, select the ‘Public Provident Fund (PPF)’ option and select ‘PPF Account Statement’ option. You can view your PPF account balance online.
• To check your PPF account balance offline, visit the SBI bank branch where you have PPF account and get your SBI PPF account passbook updated. 

• Check if you are eligible for premature withdrawal.
• If you are eligible, get Form C from SBI and fill it up with relevant details.
• If the account is in the name of a minor, you will have to provide an additional declaration stating the money you are withdrawing is for the sake of the minor and that the minor is alive.
• Submit the form and any supporting documents to the SBI bank branch.
• If all the information and documents you have provided are satisfactory, the bank will process it and release the payment.

In order to reactivate an inactive PPF account, you can follow the steps below:

Step 1: Submit a written letter requesting to reactivate PPF account to the SBI bank branch where you have opened your PPF account.
Step 2: Pay a minimum amount of Rs.500 for each year you have not made any contributions along with the penalty of Rs.50 per inactive year.
Step 3: The bank will process your request and reactivate the PPF account.

When you do not make the minimum contributions/deposits for one year to your PPF account, it will become inoperative. You can activate your account only after making the minimum contribution along with the penalty.

Step 1: Fill in Form C with relevant details. You can download this from your bank or Post Office website or get the form at the branch.
Step 2: Submit the form to the bank or Post Office branch where your PPF account is held. 

There is no need to link a PPF account held with SBI to an SBI savings account. At the time of opening the PPF account, either online or offline, you will have provided your existing savings account number held with the bank. This means, your new PPF account is created under the existing customer ID. By default, your PPF account will be linked to your savings account. Therefore, you can use the same login credentials for internet banking and access both your savings account and PPF account details under a single platform. 

When you open a PPF account offline, the bank or Post Office will provide you with a passbook. The passbook contains all the necessary information about the PPF account, such as the PPF account number, bank/PO branch details, account balance, transactions made in the account, and others. You can get the passbook updated regularly to access the latest data.

On the other hand, you can log into your account on the internet banking portal. On the home page, choose the PPF account to see the account details, such as the account number, account balance, recent transactions, and others. 

Step 1: Get an application form from your nearest post office or online.
Step 2: Fill up the form and submit it with the required KYC documents and passport size photograph.
Step 3: Make the initial deposit required to open a post office PPF account. The amount can range from Rs.500 up to Rs.1.5 lakh per financial year.
Step 4: Once your application is processed, a passbook will be given to you for the PPF account opened.

A PPF account can be extended in the blocks of five years any number of times upon the maturity of the account after 15 years from the date of opening the account.

PPF accounts are offered by the Government of India and are not specific to a bank. Also, all banks provide the same set of features and benefits when you open a PPF account. The interest rate is set by the government and it remains the same wherever the PPF account is held. Therefore, there is no best bank that offers a PPF account. 

There is no specific due date as to when you should deposit money in a PPF account. However, it is beneficial for you to deposit money between 1 April and 5 April of a financial year. If it is not possible for you to make the full year’s deposit at the beginning of the year, you can make monthly deposits within the 5th of the month to earn maximum benefits.

A PPF account can be extended any number of times without any restrictions. 

An individual can open only one PPF account across the country either in a bank or Post Office. 

When a minor PPF account holder becomes a major or turns 18 years old, you can submit a revised application form with necessary documents to change the status of the account from minor to major. The guardian can submit the application along with the account holder’s signature on the application form as an attestation.

The minimum lock-in period for a PPF account is 15 years, the actual tenure of the PPF account.