PPF Account in SBI – Whenever it comes to Public Provident Fund (PPF) scheme, 1968 accounts or any other government scheme accounts; most people prefers State Bank of India (SBI). PPF Account can be opened in SBI or Post Offices or in any authorized branches of nationalized & private banks. In this article i will explain how to open a PPF account in SBI and the formalities thereat.
PPF Account can be opened only by Resident Indians (RIs). Non-Resident Indians (NRIs), Hindu Undivided Family (HUFs) are not authorized to open and operate a PPF account. A resident individual can open PPF account in his/her name and also can be opened in the name of minor# child by parents or legal guardians.
Documents Required for PPF Account:
The most important document for opening a PPF Account is the account opening form (Form-A). The Forn-A is a declaration under PPF rules. The other important documents for PPF account is Know Your Customer (KYC) documents which is mainly identity proof and address proof of the proposed account holder.
Following documents are required to open PPF Account in SBI-
- Form – A (PPF Account Opening Form)
- Two Passport side photo (one for Form-A and another for passbook)
- KYC of Account Holder
- Voter ID
- Driving License
- NREGA Card
In case, the account of minor needs to be opened the birth certificate of minor and the above mentioned documents of parents or legal guardian is required.
#Minor – a person who is below 18 years of age is considered as minor as per The Majority Act of 1875.