State Bank of Mysore (SBM) PPF Account

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

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
Address
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.