Today when I login to my ICICI bank account, I saw a tab blinking on the left hand side ‘PPF Account Online’. This is new service offered by ICICI bank, where account holders can apply to open online PPF Account (Public Provident Fund account) with ICICI bank. If you do not have a PPF account as yet and want to apply for one then you can simply click on the ‘Apply For a PPF Account’ to register your details to open online PPF account with ICICI bank.
Features Of ICICI Bank Online PPF Account
- Interest Rate :- Interest earned on ICICI PPF account is fully exempt from income tax.
- Min. & Max. Investment Allowed:- Minimum annual investment required to maintain PPF account is Rs 500 and the maximum amount of investment allowed is Rs 1 lakh.
- Tax Benefits Under Section 80C :- The amount of investment made under PPF upto Rs 1 lakhs qualifies for tax exemption under section 80C of income tax act.
- Maturity :- ICICI PPF is a long term investment which matures after 15 years from the date of investment.
How To Open Online PPF Account With ICICI Bank
Opening an online PPF account with ICICI is a simple 3 step process.
Register :- Registration is a one time process where you need to fill some of your particulars Like your Permanent address, Pan Card Number, Initial deposit Amount (Minimum 500). etc. and press ‘Download Application Form’ to download the application form and press the ‘Download Nomination Form’.
Take a print out of both ‘Application Form’ i.e Form A and ‘Nomination Form’ i.e Form E. Paste your recent passport size photograph on the space provided and sign on the form. (Mention the name of the ICICI bank branch where you wish to open your PPF account).
ICICI Form A – Application Form :- This is an application form to open online PPF account under PPF scheme 1968. In this form all you have to do is take a print out and affix your recent passport size photograph, put date and your signatures.
But in case you are applying for PPF account on behalf of a minor then you need to provide the details of the minor like his/her date of birth, your relationship with minor, and the details of the other PPF accounts opened by you (if any) after taking printout of the application form.
ICICI Form E – Nomination Form :- This is a application form for nomination under PPF scheme 1968.
Furnish all the required details, like name of the branch in which you are applying to open your PPF account. Your Name, your Account Number, Name of the nominee, Your relation with nominee, address of nominee, date of birth of nominee (In case of minor), Proportionate amount (In case of more than 1 nominee).
Submit both Form A And Form E i.e application and nomination form at any of the ICICI braches.
Some Key Points Of ICICI PPF Account
- ICICI PPF account facility is only available at some designated branches of ICICI. Please check the list of bank branches before applying for an Online PPF account.
- Initial deposit amount entered by you will only be deducted from your ICICI bank only after your ICICI PPF account is opened.
- If you already have a PPF account in your name then you are not eligible to open another PPF account in your name.
- You can open a PPF account on behalf of a minor of whom you are a guardian.