How to add nominee in SBI PPF account using Yono app

Those who have opened Public Provident Fund (PPF) accounts with the State Bank of India (SBI) can add nominees using the SBI Yono app, Net banking facility, or by visiting the branch. According to the SBI website, nomination facility is available in the name of one or more persons. The shares of nominees may also be defined by the subscriber. However, nomination can not be made in PPF accounts opened in the name of the minor.

While opening a PPF account, you will not find the provision for nomination in the application form, nomination has to be filed separately.

Even though it is not mandatory to name nominees for a PPF account, it is advisable to do so to avoid conflicts in the event of death and to have a clear transfer of funds to a desired person.

Here is how you can add nominee to your SBI PPF account using the Yono app, according to the SBI website.

Registration of nomination through YONO app

Login to YONO app -> click on Services & Request ->click on Account Nominee ->Click on Manage Nominee-> select Account Number from drop down->fill the nominee details and submit.

Registration of Nomination through branch

Download the Form E-> fill the details and submit to the home branch.

Click
here to download Form E.

PPF features

In a financial year, the minimum annual contribution to a PPF account is Rs 500. The rules allow for a minimum contribution of Rs 500 per year and a maximum contribution of Rs 1.5 lakh per year. The Rs 1.5 lakh limit applies to all accounts held in his or her own name or on behalf of a child. You can contribute in a lump sum or on a monthly basis, but no more than 12 times per fiscal year.

The deadline to make a contribution for this fiscal year is March 31, 2022. Failure to deposit the minimum amount of Rs 500 per financial year leads to the PPF account being designated ‘inactive’.