Today I opened my PPF (Public Provident Fund) account in State Bank of India and thanks to the as usual helpless attitude of SBI employees, I had to figure out a lot of things myself, so thought of sharing them, so that you wouldn’t have to struggle as much as me.
Here is what you would need to open your PPF account in SBI:
- 3 forms from your local SBI branch, if you are an existing customer. These are; Public Provident Fund Form, Nomination Form for PPF and a form for existing customers of SBI (sort of like the Part-II of this form).
- Self attested photo copy of PAN card and a copy of either driving license, passport, voters id card etc.
- 2 witness to sign your nomination form (they just need to sign it, there is no need for them to be present at the bank).
- 2 passport sized photographs of yourself.
- Your initial contribution to the PPF account in cash (don’t waste cheque, they are least interested in receiving them).
- PPF contribution submission form.
- Truck load of patience.
- Couple of hours of your life (if it isn’t too crowded!)
Once you have all this and have properly filled the form, it is time to go to your nearest SBI branch (preferably early in the morning). Once there, you will likely have to submit the form first to the guy makes FDR etc. (at least in our branch’s case), who after checking and entering them in to the system, will hand it back to you, so that you can give them to the assistant branch manager.
Now, based on your form filling skills and the general attitude of the assistant branch manager, it can take anywhere from 10 minutes to an hour for him to go through your form, get everything up to his satisfaction and sign and stamp the form.
Now you will have to take the form back to the guy you initially showed the form to (FDR guy in our case) and he will enter it into the system. Once done, he will hand you back the forms, which you will again have to take back to the assistant bank manager!
Now the Assistant Bank Manager will issue you your PPF Account Number. You will have to enter that along with other necessary details in the PPF contribution form and take the PPF contribution form and your cash to the cash deposit window and deposit the amount into your newly opened account.
The same window (if you are lucky enough that the printer is working) will also issue you your PPF passbook, which is essentially your normal SBI account passbook and you can be on your way.
Frankly speaking, if everything goes smoothly and people at the bank are helpful and it isn’t crowded, the whole process shouldn’t take more than an hour, in fact slightly less. But fact of the matter is, this is rarely a case in the nationalized banks and with people more interested in raising objections than working, it will likely take you around couple of hours or more, so plan your visit to the bank accordingly.