ICICI PPF Account

ICICI PPF Account

ICICI PPF Account

ICICI Bank Limited has a legal permit to offer services with respect to Public Provident Fund Accounts through ICICI Bank internet banking services. Public Provident Fund Account was launched by the Government of India to mobilise small savings and investment so that the investors get a tax benefit with reasonable interest over a period of time. A PPF account that can be opened by individuals to build an investment corpus with tax benefits. In this article, we look at the procedure for opening of ICICI Public Provident Fund Account in detail.

To know more about ICICI Bank Current Account

Eligibility Criteria for ICICI PPF Account

The below following are the eligibility criteria for opening the ICICI bank PFF Account.

  • Any resident Indian individuals can open this account.
  • Individuals can open only one PFF account in his/her name (except an account that is opened by the individuals on behalf of minors).
  • The PFF account that can be opened either by the mother or father on behalf of a minor. However, both mother and father cannot open the PFF account for the same minor.
  • There is no age limit specified for opening the PFF account in ICICI bank.
  • NRIs (Non-Resident Indians) cannot open ICICI Bank PPF account. However, if a PPF account was opened before resident Indian becoming NRI such an account may be continued till maturity.
  • The number of minor accounts that are allowed is limited to one for each minor child.

Note:

  • Grandparents cannot open this PFF account on behalf of a minor grand Children. In the case of parents death, the PFF account can be opened by the grandparents as guardians on behalf of the Grandchild.
  • The individuals cannot open the joint account. Also, PFF account cannot be opened by the Hindu Undivided Family (HUF).

Benefits of Public Provident Fund Account

Some of the benefits of opening a Public Provident Fund Account are listed as follows:

Tax Benefits

  • The interest that is earned is fully exempted for Income Tax purposes under section 80C.
  • It offers tax-free returns, exempted from wealth tax and deduction in the deposited amounts.

Regular Benefits

  • The minimum amount deposited can be as low as Rs. 500 per annum.
  • The validity of the account is for 15 years. The entire amount deposited can be withdrawn on maturity.
  • One has the benefits of accessing the PFF account online with ICICI Bank  Internet banking. The below listed are the following benefits offered.
  • You can fill the PFF account opening application form through online.
  • Once you have logged in to your PFF account, you can also verify/view your PFF account under “My Accounts” section.
  • You can view, print mini and detailed statement online.
  • Also, it allows transferring funds from a linked savings bank account.

Documents Required

To open a PFF account in ICICI bank, the following are the list of self-attested documents to be submitted:

Customers those have more than five years relationship with the ICICI Bank must possess the following documents for account opening.

  • Application Form A
  • Applicant’s Passport size photograph
  • Self-attested ID proofs such as PAN card, Aadhaar card, Voter ID, etc.

Customers who have less than 5 years of relationship with ICICI Bank must possess the following documents for account opening.

  • Application Form A
  • Applicant’s Passport size photograph
  • Self-attested ID proofs such as PAN card, Aadhaar card, Voter ID, etc.
  • Proof of Residence such as Passport, Electricity Bill, etc

Loan Against PPF Account from ICICI Bank

If an individual has an ICICI Bank Public Provident Fund (PFF) account in good standing, then he may be eligible to avail a loan against their PPF account balance. The loan against PPF facility from the bank can currently be availed from the 3rd to 6th year of the PPF account operation computed from the date of account opening.

Procedure for Opening ICICI PPF Account

The PPF Account can be opened through online using the bank’s digital channels of the internet and mobile banking. Kindly follow the below procedure to open the ICICI PPF Account.

Login to your Account

Step 1: The customer must log in to his/her retail internet banking account.

Step 2: Then you need to click on the PFF account under the ‘My Accounts’ section.

Deposit Amount

Step 3: Now you are required to confirm auto-populated details such as PAN, address among others, and then you have to enter initial deposit amount.

Step 4: After entering the amount, you can also choose to add more money to your account through a monthly standing instruction.

Authentication Process

Step 5: Now, you have to enter your Aadhaar number followed with the OTP confirmation of your Aadhaar to activate the PPF account opening.

Step 6: After the above process, the account will be created instantly with the account number that is displayed on the screen.  The statement of a transaction, as well as the annual statement of the PPF account, is available on internet banking.

Note:  In case, any documents need to be submitted, you will have to visit the nearby ICICI Bank branch to complete the account opening the process.

 Step 7: Once the online PPF account is up and running, you can collect your PPF account passbook from the bank branch.

Offline Procedure for Opening ICICI PPF Account

To open an ICICI PPF account with the ICICI Bank offline the applicant can apply either by visiting the nearest branch or by filling up a form on its official website. However in certain cases such as if your opening a pff account on behalf of a minor child or in case if you don’t have an online activated account, you will have to visit the branch for the account opening.

Approach the ICICI Branch

Step 1: You have to approach the nearest ICICI Bank Branch in your locality for opening a PFF account.

Get Application Form

Step 2: Then you need to get the application form from the bank office and have to fill out the PFF account opening application form in a prescribed format.

Note: You may also download the PFF account opening application form from the official website.

The PFF account opening application form is reproduced below in PDF format for your ready reference.

FormA

Fill in the Right Credentials

Step 3: You have to fill the PFF account application form with appropriate details without any mistakes. Provide the given following details in the application form.

  • Personal details
  • Communication Address
  • Permanent Address
  • Know Your Customer Document
  • KYC Certification
  • Customer Profile
  • Initial Subscription Details
  • Standing Instructions
  • Declaration

Submit the Application Form

Step 4: You have to submit the PFF account form in the prescribed format to the concerned bank official along with all the supporting certificates mentioned above.

Attach Required Documents

Step 5: After applying, you have to attach the specified KYC proofs along with the PFF application form.

Note: Please carry originals of all relevant KYC documents such as PAN, Aadhaar, etc. for verification purposes.

PFF Account Passbook

Once the PFF account has been activated, you will receive your ICICI PPF account passbook with all the entries related to the transactions made on the account.

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