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Friday, January 15, 2010

Procedure for Opening SBI Account and PPF Account

My Experience of Opening SBI Saving Account and PPF Account :

Part 1 :

I had applied for SBI Saving account on 15-Jan-2010 at Pune SBI branch which will help me to open PPF account for Investment and future Savings.

Procedure for opening new SBI Saving Account :
I had gone to SBI Bund Garden Branch Pune Maharastra which is at Dhole Patil Road opposite Reliance Fresh. Branch opens at 10:30am. When you enter go straight there will be one counter with label on top "Opening new Accounts". One old lady was sitting there to whom I had asked to give account opening form then she asked me whether u have PAN card or not I said yes then she gave me form.
Then in 5 minutes I had filled that 5-6 page form. Information to be filled was basic like Name, Residential Address, Communication Address, PAN Card No, any other Account with any branch provide a.c no etc
One photo was required that you have fix at first page and gum for that u will get there don't worry. But carry One PEN with you it will be easy to fill forms.
Documents I had attached with form :
Address Proof :
On company Letter head current address mentioned. Carry original and one Xerox copy.
Other options were :
CreditCard Statement, Salary Slip with Address, Income tax/Wealth tax assessment order, Electricity Bill,
Telephone bIll, Bank Account Statement, Letter from reputed Employer, RationCard, Letter from any public authoriy
Identity Proof :
PAN Card carry original and one Xerox copy.
Other options were :
Passport where address differs, Voter ID Card, PAN Card, Govt/Defence Card, ID Card from reputed employer,
Driving License, Photo-Id card issued by Post Office
Once you submit form at counter she will look through it and will ask to show Original Documents which you can take back after showing to her.
That's it...In 10-15 days I will get one letter at given address in form with details of my account and debit card.
I asked her if I want to collect from branch then what ? She said no you cannot it will be dispatched to given Address proof only.
Common myths :
1. Company letter head address proof will not be accepted. It is not true at all.
2. You need signature of one person who has account in SBI for more than 6 months. This is not true at all.
PPF Account :
I asked her about PPF account then she said once your this account is opened in 15 days then you can apply
For PPF account and in 2-3 days it will opened, same documents you will need for opening that also. It will be easy
After you have saving account opened.

Will post details of PPF Account in some other post after i open that for me after 15days.

Hoping it will help many people seeking such information........

Part 2 :
On 15thJan2010 i had submitted account opening form then on 26thJan2010 i had gone to SBI bank Bund Garden branch pune for enquiry(usually go after 10 days of opening account) there i told at counter my details Name and Date of Opening Account then she gave me one slip on which my account no was written and asked me to deposite Rs 1500 to this account no. Then i went upstairs and picked one deposite slip and filled it with account no and amount and given that to cash deposite counter there she gave me in return Customer copy of slip with stamp and told me to got to a person sitting there and ask for passbook. The when i went to that person he asked for that slip/challan and Identity Proof. After providing that he gave me
passbook. Then i enquired for ATM card they said it will come by POST only.

Then on 30thJan i got registered post from SBI having cheque book and ATM card.
Postman asked to sign and thats it.

On 29 th March 2010 :

PIN for ATM card they do not send by post, you need to go to your account Branch
with in 45 days of you received your ATM card post. So i went to my Bund Garden
branch their inquired about it. Then after showing ATM Card, Identity Proof and Account No
he gave me envelop having only ATM card PIN. Then i inquired for Net Banking user id password for that i went to some other person He gave me one form to fill with details of name,
address, dateofbirth,account no etc for registering to Internet Banking Then i gave that filled form to some other counter from there i received one envelop having internet banking userid and password. Finally got ATM card pin and Internet Banking user id and password .
Internet account he told me will be activated with in 48 hours.

That's it now i have fully working saving account with ATM card and Internet Banking,
thanks to SBI..

Procedure for Opening SBI PPF Account :
Then on 2ndFeb2010 i had gone to same Bundgarden, Pune branch and enquired for PPF account then came to know that a lady upstairs handles that. Then there i asked for PPF opening procedure then she gave me one form asked to come after 1 week and told it will take 8 more days. I have to give invetsment proof before 10Feb2010. To try luck i again went on 5Feb2010 and it opened same day there submitted that ppf account opening form with same documents of Address Proof and Identity Proof given for Saving Account. One more thing she asked was Xerox copy of first page of SBI Saving Account passbook. One photo was required for this. Form was having very basic details.
Then she accepted my form and asked me deposite money by cash or cheque atleast Rs 500 you have to deposite. I said cash then she said will give you PPF account no in half an hour come with cash. After half an hour when i went then she told me my PPF account no and asked to deposite money to cash counter by filling PPF Deposite Slip(this is different slip for PPF only). Then after filling that went to Cashier there submitted slip and money, she in return gave me Customer Copy with Stamp. That i had to taken to same person who had issued Saving Account Passbook and showed him slip then he gave me passbook after checking Identity Proof. Thats it my PPF account opened in just one hour.

Now for invesment proof either i can show Challan/Customer Copy of deposite slip OR XEROX of passbook having credit details.

Few things i enquired about PPF :
1. Must deposite minimum Rs 500 every year and year is financial year Apr-Mar. So my this financial year was done now i have to depoite again before March2011 at least Rs 500.
2. For Deposite y go to your SBI branch from where opened, fill PPF deposite slip and give cash at CASHIER counter and also give passbook if want to get updated and done. Show Challan as investment proof.
3. You can not deposite from anywhere. I asked for DELHI branch she said no, you need to transfer account there and transfer takes long time may be 2-3 months better i would have opened account from there only not from Pune.
4.Within Pune branches i think you can deposite by cheque not sure she told me something like that.

Procedure for changing address SBI Saving Account :
Go to your branch and ask for Change Address form very simple form then give new Address Proof and submit it. Thats it. On passbook you can get it reflected after few days.
I had changed to Harayana address she asked for Address Proof then i was having document issued from my company on letter head both Permanent and Temp written on that.
It was easy process.

Hope this will help..

Thanks
Naresh Yadav

13 comments:

palli said...

Thanks Naresh, i neededs this info badly...ur blog has helped me a lot...thnx again..

puja said...

Nice Blog!!
Puja

http://naukriMantra.blogspot.com

Vasu said...

hi naresh...
well thought of you to come up such informative blogs.

Will let you know of my experience of opening sbi account after reading your blog.

cheers
vasu

Recusant said...

Thanks, very very helpful. Actually my PPF account is from Hyderabad. I was wondering if I should go open a savings account there, and link PPF account to it online for future. But after reading your detailed account, I realize it will take 15 days to create an account, and I don't live in Hyd now. I live in Pune. And if I have a SBI saving account in Pune, i don't think it will allow me to link to SBI PPF account in hyderabad. So best is to ask for a transfer only!

Anitha said...

Hi,

Thanks NAresh for the information. I walked into an SBI branch with all the documents you mentioned. To my surprise i could open the acocunt in just a few minutes. I just had to fill up a long form. I was asked to wait for a while and then a welcome kit was handed over to me. It had the passbook, debit card, atm pin, netbanking pin and the cheque book. All this in just a few minutes. I was really really surprised !!!!

The only concern was that the debit card didnot bear my name. Instead it had "BRANCH MANAGER" inscribed.

Regards

Anitha

Vijeandran said...

Nice blog.... my doubt cleared.... but how an SBI will work on 26th January... that is on Republic day... its national holiday for all government organisation rite.... :)

Haresh said...

very good information.. thanks for it.

dhineshn said...

Thank you for this information. I needed it badly.

In part 2, you have mentioned you went to bank on 26 jan 2010. I think SBI would have been on leave on that day since its our republic day(public holiday).

Manoj Kumar said...

NO It takes only 3 days. For account with PPF.
I asked at branch recently.
enjoy..i am going to submit my application tomorrow.

candyvioleta said...

thank you!!
I needed this...as their toll free number is quite a task!

Ayan said...

Thanks Naresh

Venu said...

Thanks buddy.....dis info is really useful....keep posting

Venu said...

Thanks buddy.....dis info is really useful....keep posting