State Bank of Mysore offers PPF(Public Provident Fund) accounts for the residents of India.The scheme has been operational since December 1st 2011. PPF account is a savings account that also helps you gain tax benefits.One can apply for the account either online or offline depending on their preference. One can open only account under their name for the SBM PPF account.
How to open a State Bank of Mysore PPF account online?
One can open a SBM PPF account online given that they have access to online banking.Listed below are the steps to be followed to open a SBM PPF account online.
- Log in to your SBM account online through the SBM website
- Download the PPF application form from the site
- Fill in the required details in the form
- Submit the form
Documentation required to open PPF account in State Bank of Mysore
There are a few documents that need to be submitted along with the application form to ensure that your application goes through. Listed below are the documents that need to be submitted to avail a PPF account with SBM.
- Form A(PPF account opening form)
- Nomination form
- Passport size photographs
- Copy of PAN card or form 61
- Identification proof-PAN card/driving license/passport/voter’s ID
- Residence proof-Telephone bill/electricity bill/ration card
State Bank of Mysore PPF account opening form
PPF account opening form is imperative when it comes to opening a PPF account. The applicant can either download the form online or get it at one of SBM branches. The applicant/customer needs to fill in a few details before submitting the form. Listed below are the details that you need to fill in the PPF form before submitting it.
- Account holder’s name
- PAN number
- Name of the branch where the account is being opened
- Contribution amount
- Standing instructions
- Debit account number
State Bank of Mysore PPF account rules and guidelines
There are a few rules and guidelines that need to be followed if you are opening a PPF account with SBM. Listed below are the basic rules and guidelines of SBM PPF account.
- Number of accounts- An individual can open only one SBM PPF account under one name. One can’t hold multiple accounts.
- Eligibility-Any Indian resident except for HUFs are eligible for the SBM PPF account. In case of minor account holders, the guardian needs to open an account.
- Joint accounts-The SBM PPF account can’t be opened in joint names. It can be opened only in an individual’s name.The account also cannot be opened in the name of judicial individuals.
- Transferability-SBM PPF account cannot be transferred from one person to another. The nominee of the account cannot continue the account in case of unfortunate demise of the account holder.
State Bank of Mysore PPF account features and benefits
Listed below are the features and benefits of SBM PPF account.
- Duration-The duration of the account is for 15 years.The account holder can continue the account even after the completion of 15 years.
- Online account-The account can be opened online by following a few hassle free steps.
- Loan on the PPF account-One can avail a loan on SBM PPF account if needed.The first loan can be taken from the third year since the opening of the account.
- Withdrawals-One can make a withdrawal during one policy year. The withdrawal can be made after the completion of 5 policy years starting from the initiation of the policy.
- Nomination-The account holder can nominate a beneficiary who will get the amount standing in case of the death of the account holder.
- Subscription- The subscription can either be deposited in installments of 12 months or by a lump sum deposit.
- Tax benefits-SBM PPF account qualifies for tax deductions and tax exemptions under the Income Tax Act.The interest credited to the fund is exempted from Income Tax.
State Bank of Mysore PPF interest rate
The SBM PPF interest rate is 8.7% p.a. The interest is credited to the account on 31st of march every year.
State Bank of Mysore PPF calculator
One has the option of calculating the maturity value of their SBM PPF account with the help of a PPF calculator. One has to enter a few parameters such as the account holder’s age, subscription option, amount invested, the tenure of the PPF account and the interest on the account to calculate the maturity value of the PPF account.
How to deposit money in your State Bank of Mysore PPF account?
There are two ways through which one can deposit money in their SBM PPF account. Listed below are the two ways and the procedure to deposit the money in the account.
Online-One can deposit the money to the account online through internet banking. This can be done by making a normal fund transfer. You might have to submit a few details of your PPF account such as the PPF account number and name to make the deposit.
Offline-The customer can also deposit money to the account offline by visiting one of the bank’s branches and making the deposit through a cheque or pay-in slip at the bank itself.The deposit will go through once the cheque is cleared in case you are making the deposit through the cheque.
How to transfer your PPF account from post office to the State Bank of Mysore?
The process of transferring your PPF account from the post office to the State Bank of Mysore is very easy. You have to initiate a request for the transfer first by submitting a written application form along with the transfer form. The account will be closed at the post office once the form is submitted and verified and your account will be transferred to the bank.
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