How To Open Online PPF Account In ICICI Bank?

Posted By:
Subscribe to GoodReturns

ICICI bank has been authorised by the Ministry of Finance to open Public Provident Fund (PPF) Account, as well as provide related services like collecting subscription amounts etc. 

Many of us are tech savy and find internet banking easier. Here, we can operate PPF account online like transferring funds from linked savings account online and viewing your Public Provident Fund (PPF) account statement online in your ICICI Bank Net Banking Account.

How To Open Online PPF Account In ICICI Bank?

However, initially, for opening the account one has to physically go to the bank and submit the documents. Later, you can make the transtition to online transfer to your PPF account. 

Well, these accounts can be opened in selected branches. To open PPF account one needs to have ICICI account.

Basic documents required:

For customers who have a relationship with ICICI Bank that is < 5 years:

  • Form A 
  • Passport size photograph 
  • Copy of PAN card

For customers who have a relationship with ICICI Bank that is > 5 years:

  • Form A 
  • Passport size photograph 
  • Copy of PAN card 
  • Residence proof - Passport/ Electricity Bill

The minimum deposit amount is Rs. 500 per annum and the upper ceiling limit is Rs. 1,00,000 per annum.

How to transfer your old PPF to ICICI bank?

As per the PPF scheme of the Government, subscribers can transfer their PPF account from one authorised bank or Post office to another. In such a case, the PPF account will be considered as a continuing account. To enable customers to transfer their existing PPF accounts to ICICI Bank, the following process must be followed.

The customer approaches the bank or the Post office where his current PPF account is held and makes an application for transfer of PPF account to ICICI Bank's branch.

Once the application is processed, the existing bank/Post office arrange to send the original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. to ICICI Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF account.

Role of ICICI Bank Branch:

Once transfer in documents are received at ICICI Bank branch, customers are required to submit fresh PPF account opening form (Form A) and Nomination form (Form E/ Form F in case of change of nomination), along with their original passbook . Also customer is required to submit a fresh set of KYC documents.

Withdrawing funds from PPF account:

One can withdraw anytime after the expiry of 5 years from the end of the financial year in which initial subscription was made, a subscriber may withdraw 50% of the balance to his credit at the end of 4th year immediately preceding the year of withdrawal or amount at the preceding year which ever is lower. However, not more than one withdrawal is permitted in one financial year.

No passbook facility by default:

Passbook shall not be made available to the Customer/s for PPF Account/s which are applied for and operated through ICICI Bank Internet Banking Services.

The Customer shall be able to view his/her transactions through his/her statement of accounts available online on the Website.

However, in case customer wishes to have a passbook for the PPF Account applied for through ICICI Bank Internet Banking Services, he/she shall be required to put in a written request for the same at the designated base branch.

Public Provident Fund Account Benefits:

  • Attractive interest rates that are fully exempted from Income Tax under section 80 C 
  • Good long term investments of 15 years 
  • Deposit Amount as low as Rs.500 per annum

GoodReturns.in

Read more about: icici, ppf
Story first published: Thursday, December 20, 2012, 9:40 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?