How to apply for public provident fund through SBI
For those who wish to save their hard-earned money and want a complete security for their fund, Public Provident Fund (PPF) scheme is a long term investment option to suit their purpose. Backed by the government, the scheme offers safety with attractive interest rate and the returns are fully exempted from Tax. One can begin investment with a minimum amount of Rs 500 and maximum amount can be Rs 1,50,000 in a financial year.
This scheme can really fit very well in your personal finance portfolio and if you think that it will generate wealth for you, then just apply for the PPF Provident Fund (PPF) scheme 1968. What you need is to fill Form A and submit it at any State Bank of India (SBI) branch with requisite documents. You need to mention the name of branch on Form A where you wish to open your PPF account. (Pixabay)
The question arises how many PPF accounts, one can have under his/her name. The answer is that only one PPF account can be maintained by a person, except an account that is opened on behalf of a minor. (Pixabay)
For opening a Public Provident Fund (PPF) account, the person should be resident Indian Individuals and individuals on behalf of minors. (Reuters)
Notably, a PPF account can be opened either by the mother or father on behalf of their minor son or daughter. Further, one should know this fact that both mother and father cannot open PPF accounts on behalf of the same minor. (Reuters)
This one fact is also very crucial that grand-parents cannot open a PPF account on behalf of minor grand-child. In case of death of both the Father and Mother, they can open PPF account in the capacity of guardians of that child. (Reuters).