When you are looking for a government backed investment scheme, Public Provident Fund (PPF) scheme is a popular long term investment option. PPF accounts offer safety with attractive interest rate and returns. The returns are tax exempted.
Investors can invest minimum Rs 500 to maximum Rs 1,50,000 in one financial year. The PPF account holder can get the facilities such as loan, withdrawal, and extension of account.
Know how to open a PPF Account for you.
Account opening form
You need to submit a form for opening PPF account. The very first thing you need to do is collecting a PPF account opening form. This form will be available at all bank branches. You will get this form online from ICICI bank website also.
Fill all the details in the form correctly. After filling all details, keep your ID proof with the application. You can use the following documents as your ID Proof document,
- PAN Card
- Aahaar Card
- Driving License
You need to attach address verification documents with the application form. Address proof documents can be
- Telephone bill
- Broadband Bill
- Electricity Bill
- Water Bill
- Ration card.
The applicant need to attach the recent passport sized color photographs with the application. Put the signature on the photocopies of the documents you have collected.
Submission of application
Visit your branch with the application form duly filled and attachments. Take a Pay in slip which is available at your branch and fill the amount of contribution which you want to open PPF account in ICICI Bank. Submit your Pay in slip and application form to the bank officials. The bank will issue a Passbook for your account.
ICICI PPF account
PPF account with ICICI Bank offers customers benefits such as,
- View PPF account statement online
- Transfer funds online option from linked Savings Bank Account
- Standing instruction facility to ensure regular investment