How to open PPF account online with ICICI Bank?
In this budget, Central Government has extended Public Provident Fund (PPF) limit from Rs 1 Lakh to Rs 1.5 Lakhs. This is one of the best investment options for all individuals. While Post office and SBI is offering PPF account, Ministry of Finance has approved to open PPF account with ICICI Bank which is the largest private sector bank. In this article, I would indicate how to open an account online at ICICI Bank and how you can transfer existing PPF account with Post office or other bank to ICICI Bank.
Also Read: Latest updates on Post office Saving Schemes
Features of Public Provident Fund (PPF)
If you are already familiar about PPF features, you can skip this section.
- High interest rates of 8.7% per annum
- Maturity amount is tax free. Means you need not pay income tax on maturity amount.
- Lock-in period of 15 years
- You can invest as low as Rs 500 per year.
- You can invest in a maximum of 12 transactions per financial year (1-Apr to 31-Mar)
- You can take a loan from 3rd to 6th financial year
- Partial withdrawal facility from 7th year onwards
- You can extend your PPF account beyond 15 years for another 5 years after maturity.
- This is the best investment tool for child education, daughter's marriage or for accumulating money for retirement as the maturity amount is tax free. Do you know that if you invest Rs 1.5 Lakhs per year for 15 years, while the total investment amount would be Rs 22.5 Lakhs and total tax free maturity amount (Including total investment) is Rs 46.75 Lakhs.
Who can open a PPF account in India?
Any resident Indian can open a PPF account. An individual can open a PPF account on behalf of the minor. NRI cannot open a PPF account.
Step by Step Process about how to open PPF account online at ICICI Bank
- Visit ICICIBank.com website
- Click on login button
- Click on the left side link “PPF Account Online”
- Fill the following details: Debit account, Name of the person, Permanent Address, PAN Card no., Initial Deposit Amount (Minimum of Rs 500 and multiples of 5), Internet Banking ID (So that this is linked to your PPF account for login), Email ID, Click on submit button
- Form A is generated. Download, print and sign PDF.
- Attach signed Form A, Passport size photo, Copy of PAN card,
- Residence proof (Passport / Electricity Bill / Mobile bill) in case your account is < 5 years with ICICI Bank and submit at the nearest ICICI Bank
- By default, you would not get passbook facility for PPF account at ICICI Bank. If you want, you need to put a specific request.
Also Read: Time for tax filing, know how to file tax returns online in India?
How to transfer existing PPF account at the post office or at another bank to ICICI Bank?
If you have a PPF account at the Post Office or at some other bank, you can transfer this PPF account to ICICI bank with the following process.
- You can submit PPF transfer request at the Post office or the bank where you have your PPF account
- They would certify the account opening form and the input closing balance and submit the same to the ICICI Bank address indicated by the customer in the PPF transfer request.
- ICICI Bank informs customer about transfer form and asks to make a fresh set of KYC document in case your relationship with the bank is < 5 years.
Conclusion: While opening a PPF account with ICICI Bank is one of the options to open PPF account, investing in such bank would help you to transfer funds from the Savings Bank to PPF account then and there. Considering PPF features, every individual should open a PPF account to get benefit out of the high interest and tax free maturity amount.
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SureshHow to open PPF account online at ICICI Bank
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Dear Suresh,
with reference to your article about PPF, you have mentioned that NRI cannot open PPF account, then how comes a person working at UAE can open it. please clarify as i am also working in Dubai.
thank you
Abdul, Check with ICICI, they can provide alternative solutions
i had already had PPF account. Now i want to open PPF for my 2.7 year child. Can i open it
Amar, your wife can open PPF account on your child name, you cannot. Pls see my article which is being published on this coming Wed
Dear Suresh Ji,
I work in UAE. Can i apply for PPF account?
Regards
Sachin
Yes, you can do that
Pls , I would like to Confirm , is NRI Income treated as taxable income weather I hv NRI A/c or NO….. and can I open PPF to get benefit of under section 80C,….
1) If you have earned income in India, your income is liable for tax irrespective whether you are in India or not 2) You can open PPF account and claim 80C exemption.
Hi Suresh, Can i deposit 1.5 lacs for this financial year in PPF . I have already deposited 1 lac in PPF and want to deposit 50 K more in that . Please let me know.
Yes Rishi, you can do that. Just ensure that your second transaction is done after 30 days from 1st.