What documents are required to open PPF account at ICICI Bank?

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What documents are required to open PPF account at ICICI Bank?
Public Provident Fund (PPF) accounts are considered as safe as you can invest money at attractive interest rates and the returns are also fully exempt from tax. You can invest minimum Rs.500 to a maximum limit of Rs.1 lakh each year, which also qualifies for tax benefits under SEC80C of the Income Tax Act.

It is very easy to open a PPF account at ICICI Bank. Yo have to do the following to open the account:

1. Fill the form online.

2. Take a printout of the form.

3. Affix a passport size photograph in the space provided and put your signature.

4. Submit the form along with your KYC documents at your nearest branch of ICICI Bank where you want to open the account.

KYC documents are required for the proof of your identity as well as address that you have mentioned while filling the form.

KYC documents required for proof of identity are:

* Photo PAN card.

* Driving License / Passport copy / Voter ID / Bank Photo Pass Bank (in case the PAN card does not have a photo).

For proof of permanent address you can submit documents like:

1. Passport.

2. Aadhar Card.

3. Driving License.

4. Ration Card.

5. Telephone Bill (not more than 3 months old).

6. Electricity Bill (not more than 3 months old).

7. Bank Account statement (not more than 3 months old).

8. Latest Rental agreement duly stamped and signed.

9. Employer's letter certifying the address.

You have to submit any one copy each for your identity and address proof. After verifying all the details and KYC documents ICICI Bank will open a PPF account by your name. You can transfer funds to your PPF account from your saving accounts online every month. You can also view your account statement online.

A PPF account currently attracts an interest rate of 8.7 per cent and you can go for long term investments for 15 years. Each financial year you can deposit in maximum 12 transactions.

In a PPF, you can get facilities such as loan, withdrawal and extension of account. You can avail a loan on your PPF account between third to sixth financial year.

Click here to read How to transfer PPF account?

You can also partially withdraw from your PPF account from seventh financial year onwards. Even after maturity account can be extended for a block period of 5 years.

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Story first published: Wednesday, June 4, 2014, 10:11 [IST]
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