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.
How to Open a PPF account in ICICI Online?
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.
- One can open a PPF account in ICICI Bank online instantly if they are an existing ICICI Bank customer
- To open an ICICI Bank PPF account, visit ICICI Bank online banking portal and login with your credentials
- Hover over to ‘My Accounts’ tab and select ‘PPF Accounts ‘option.
- In the next step, select the ‘Open Now’ option
- On the subsequent pages, provide the requisite details including Bank account number from which you would like to contribute to the PPF account and the PAN along with bank branch details.
- In the next step, you need to verify your personal details such as an address, nomination data and then you have to click on the ‘proceed’ button.
- The next screen will ask you Aadhaar details for verification purpose. If your bank account is already linked to your Aadhaar, you can just click on ‘Generate OTP’, else you need to update your Aadhaar online.
- There is an option of e-sign with Aadhar OTP also to open a PPF account online with ICICI instantly.
- Once you are done with these steps, your PPF account will be created in a few seconds and the PPF account number of PPF is displayed to you. The transaction statement and the annual statement of the PPF account is available on internet banking.
Procedure to Open PPF Account Online in ICICI
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:
- Download the ICICI PPF account opening ‘Form A’ from the bank’s official website to visit nearby ICICI Bank branch to get a paper form
- Fill out the form duly along with the signatures required on appropriate pages and attach self-attested copies of necessary KYC documents/photographs, etc
- Once you are done with that, you will have to submit the filled out form along with necessary documents and photographs at the nearby ICICI Bank branch
- Please carry all the originals of relevant KYC documents such as PAN, Aadhaar, etc. for verification purposes
- Once the account has been created, you will receive your ICICI PPF account passbook with all the entries related to transactions made on the account
Documents Required to Open a PPF Account in ICICI Bank
- KYC documents should be provided mandatorily at the time of opening an ICICI Bank PPF account
- Duly filled out and signed ICICI Bank Public Provident Fund account opening form
- Applicant’s Photograph
- Self-attested copies of ID proof – Aadhaar, PAN card, Voter ID, Driving License, etc.
- Address Proof, which can entail Aadhaar Card, Passport, recent utility bills, etc.
Important Points to Keep in Mind while Opening an ICICI PPF Account
- An individual can open only one PPF account in his/her name as per the Indian law.
- The minimum deposit needed is Rs 100 as the initial deposit amount.
- A PPF account for Minors can’t be opened via online mode. You must visit any of the ICICI Bank branches.
- NRIs are not allowed to open a PPF account.
- You can visit your nearest ICICI Bank branch and as for nomination updating /change (if required).
- Joint-account holders also cannot open a PPF account online.
- To get the passbook for a PPF account, a customer must visit the branch
ICICI PPF Account – Frequently Asked Questions
Ques. Are minors eligible to apply for ICICI PPF Account?
Ans. 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.
Ques. Are Loans and partial withdrawals allowed against the ICICI PPF account
Ans. 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.
Ques. What is the maturity period of ICICI Bank PPF account?
Ans. 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.
Ques. What is the Interest Rate provided by ICICI PPF?
Ans. The ICICI PPF interest rate is 7.1%.
Ques. What does standing instruction in a PPF account mean?
Ans. 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.