Opening a Public Provident Fund account through ICICI Bank is an extremely easy process. One can do it either through internet banking or through the ICICI Bank app. Here is the procedure to open PPF Account through ICICI Bank:
1) Login to your internet banking account
2) On the left of the screen you would see PPF accounts.
3) Click on the same and fill:
a) Initial deposit amount
b) Fill all the other details that emerge and you would be able to complete the process.
c) Your Aadhar card number needs to be verified for the purpose.
Opening a PPF account online is extremely easy. In case you do not wish to open a PPF account online at ICICI Bank, you can visit one of the branches of the bank and open the same easily.
Why open a PPF account?
In the current scenario of low interest rates, the PPF offers you an an interest rate of 7.1 per cent, which no bank fixed deposit currently matches. The interest earned is also tax free in the hands of investors and the amount invested qualifies for a tax rebate under SEC80C of the Income Tax Act. So, you get the best of both in terms of tax benefits.
Since the PPF has a long term investment tenure of 15-years, one can save money for retirement and it helps one to build a corpus. A loan on the Public Provident Fund is also possible, provided you do so from the third to the sixth year onwards.
Deposits to the PPF accounts can be made in the form of cash, cheque, online funds transfer from ICICI Bank Savings Account and fund transfer from other bank accounts through NEFT, in case you are going through the ICICI Bank.
It's important to remember that Public Provident Fund account can be opened by resident Indian individuals and individuals on behalf of minors. One can also open a PPF account at the post office, but, given the technology hassles, one might want to stick with private banks or State Bank of India.
Overall, we believe that opening a PPF account is beneficial, if you are young, especially if you are in your in your twenties or thirties. By the time you are in your fifties, you would have built a decent corpus that might help to meet your needs and requirements when you retire. It's important to mention once again that you need to start investing at a young age to reap the benefits.