A PPF account with ICICI can be opened in both online and offline ways. A Public Provident Fund investment is a great method of investment for developing the habit of savings among people. The government of India has expanded the PPF schemes from just post offices to almost all major banks in the country so that the PPF scheme is accessible to a larger chunk of people.
Even though various market-linked investment options are currently available, many investors still prefer PPF as their preferred investment route due to the combined benefit of guaranteed returns and tax savings. In India, multiple leading private sector banks provide the option to open a PPF account and the ICICI Bank Public Provident Fund (ICICI PPF) account is one of the most popular options.
A PPF account can be easily opened in the designated post office or a bank branch is regulated by the Government. However, in the case of ICICI Bank, if you are an existing customer, opening a PPF account is a hassle-free task that can be completed in a few minutes. ICICI customers can open a PPF account online anytime, 24X7. ICICI Bank has launched a digital service that enables customers to open a Public Provident Fund (PPF) account instantly and in a completely online and paperless manner using the bank’s digital channels of internet and mobile banking/Mobile APP.
In certain cases, the online method doesn’t work and you have to take the offline route of account opening. For example, if someone is opening a PPF account on behalf of their minor child or in case one doesn’t have online banking activated on their account. In these cases, relying on the offline process of application will be the only option. The following are key steps for opening an ICICI PPF account offline:
Minors are not directly allowed to open a PPF account per se but an adult individual can open an account in the name of his/her minor child. However, the total amount invested by a family should not exceed Rs. 1.5 lakh in a financial year.
Yes. One can avail Loans against their PPF account but only between the third and sixth financial year. Partial withdrawals can be also be made but from the 5th year of PPF account.
The maturity period of ICICI Bank PPF account is of 15 years. However, after the completion of this period, the scheme can be extended for 5 more years.
The ICICI PPF interest rate is 7.1%.
Standing instruction is provided by a bank account holder to the bank regarding the debit and transfer funds from one account to another. ICICI PPF account can be easily transferred to any post office or even to other PPF schemes offering authorized banks by placing a request with the bank.