PPF or Public Provident Fund is a 15-year lock-in highly-safe government of India backed small savings scheme. The scheme is subscribed to by conservative investor class with a long term investment horizon. Currently, the scheme offers 7.1 percent interest rate per annum. Now apart from post office, PPF account can also be opened at banks in India. So, you as an ICICI Bank customer wish to open PPF account with the bank, you can do say using the iMobile Pay app.
Note the bank in its tweet said, "Secure your future and grow your wealth with Public Provident Fund (PPF). Manage your account digitally on #iMobilePay app."
Secure your future and grow your wealth with Public Provident Fund (PPF). Manage your account digitally on #iMobilePay app. You can:— ICICI Bank (@ICICIBank) August 5, 2021
👉set standing instructions
Download the app here: https://t.co/8oiFFXwFLy pic.twitter.com/UmGbuxp3XR
Here is the step by step process to go ahead with it:
Steps to open PPF account at ICICI Bank using iMobile Pay app:
1. You need to login into iMobile Pay app using your mobile banking credential or 4 digit login PIN
2. Now you need to choose the option that says 'Invest and insure' and under it select PPF/NPS/Gold Bond
3. The next screen will show 3 options i.e. PPF, Instant NPS and Sovereign Gold Bond. If you are not maintaining PPF account with the bank it shall say 'You do not have any PPF accounts', beneath it there will be an option 'Apply Now', you need to click on that.
4. A note shall flash which states that keep your Aadhaar card ready for verification. Valid aadhaar is mandatory for opening PPF account.
5. In the next screen, PPF benefits are listed out including Tax benefit under Section 80C of the Income tax Act, annual investment of maximum Rs. 1.5 lakhs and deposit amount as low as Rs. 500/ annum. Then you need to give your consent that you have gone through declaration and agree to abide by them. Basically it is auto-checked.
6. Now you need to click on Let's get started.
7. Now the Instant PPF account procedure entails 3 steps as following:
• You need to enter initial deposit amount to open your PPF account. The initial investment into the investment avenue can be Rs. 500, Rs. 5000 and Rs. 10000
• Then you need to select debit account, which will again reflect on its own if you maintain a single savings account with ICICI Bank.
• Nomination shall also be confirmed, wherein the bank would ask whether or not you wish to continue with the same nominee as in the case of Savings account with the bank.
• Then in the same page, your personal details including name, address, PAN, mobile number and e-mail Id shall reflect. Also there is an option of giving a mandate for regular investment into PPF.
8. As and when you click on submit option, you need to enter your Aadhaar number and click on Proceed.
9. You need to then again re-enter your Aadhaar and request for OTP.
10. Enter the OTP received and click on 'Submit' tab.
11. Now after the e-verification is done, you need to click on confirm. Your PPF account with ICICI bank will open and you can view and download your application.