How to open PPF Account in ICICI Bank and invest online

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Untitled presentation (2)Public Provident Fund (PPF) is one of the top most investment option preferred by Indians for their retirement needs. PPF returns are fully exempted from tax and it offers attractive interest rate (currently 8.7% it is fully exempted from Income Tax under sec. 80C).

In PPF, investors can invest as minimum of Rs 500 to 1,50,000 in a financial year. PPF account holders have the useful options like withdrawal, loan against PPF etc. thus PPF remains one of the popular long term investment in India.

ICICI is one of the few private banks which is authorized by RBI to collect subscriptions under PPF scheme. ICICI provides the facility of opening Public Provident Fund online to its customers but they need to visit bank branch once to submit the signed form A along with required KYC documents. ICICI will map your PPF account to one of the designated branch.

Documents required to open PPF account in ICICI Bank

Customers who have a relationship with ICICI for less than 5 years:
Form A
Passport size photograph
Copy of PAN card

Customers who have a relationship with ICICI for more than 5 years:
Form A
Passport size photograph
Copy of PAN card
Residence proof – Passport/ Electricity Bill

The above documents should be self-attested and also carry the originals along with you.

PPF account opening procedure

ICICI has it own PPF account opening “form A” template, which is avail in all ICICI branches – you can also download Form A from ICICI website. Once printed , we need to fill the basic details like Personal details, Initial contribution details, Account opening Branch, Debit mandate, standing instructions, PAN etc.

At the time of PPF opening, one has to deposit the initial amount which can be minimum of 500 to maximum of 1,50,000. This amount can also be paid via Cheque also. For cheque payments – you need to attach the cheque and also fill the cheque details on Form A.

Once you submit Form A will all required documents, it takes two – three days to get activate your PPF account.

How to transfer PPF account from other banks or post office to ICICI PPF account

You have the choice to transfer your Public Provident Fund (PPF) account from your existing bank or Post office to ICICI bank. The Good news is, these transferred will be considered as a continuing account.

To transfer existing PPF account to ICICI – investors has to submit PPF transfer request along with ICICI branch address in their current bank/post office where PPF account is held. Current bank or Post office will arrange to sent the original documents such as a PPF certification, nomination form etc. along with cheque/DD of the outstanding balance in the PPF account to ICICI Bank.

Once ICICI receive these documents, customer needs to submit fresh account opening form A, Nomination form (Form E), existing PPF passbook along with KYC documents.

5 important points to remember while opening PPF account

1. The customer has to deposit the minimum amount of Rs. 500 in a financial year, if not – penalty of Rs. 50 will be levied per year of default.
2. No premature closure of PPF is allowed.
3. Only one PPF account can be maintained/allowed by an individual, except an account is opened on behalf of a minor.
4. Partial amount can be withdrawn from PPF account from 7th year onwards.
5. PPF loan can be availed between 3rd to 6th financial year.

If you have any doubts regarding opening the new PPF account, kindly leave your comments. We would try our level best to address those.

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