PPF Account at State Bank of Mysore

Hello sir I am thinking of opening PPF Account at State Bank of Mysore so will you please tell me what are the documents required for opening this Account??

[sumit]

State Bank of Mysore offers PPF(Public Provident Fund) accounts for the residents of India that helps you gain tax benefits.

Documentation required for opening PPF account

-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


Number of accounts-

An individual can open only one SBM PPF account under one name. One can’t hold multiple accounts.


Eligibility Criteria-

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.


Features and benefits of SBM PPF account.


-Duration-
The duration of the account is for 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.