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ICICI Bank (Industrial Credit and Investment Corporation of India) is one of the top four banks in the country. It has a huge domestic presence as well as international presence with subsidiaries and representative offices in many countries across the globe. The bank has many products and services like insurance, credit, loans, deposits, savings schemes, NRI banking, internet and mobile banking among others for its retail and the corporate customers all over the world.
Public Provident Fund (PPF) is one such savings scheme that is offered by the bank to its retail customers. PPF is a government backed savings scheme that is aimed at providing retirement benefits as well as building a corpus fund that the investor can use in case of emergencies or any other expenses that they may face. Investments in PPFs have been a popular choice for the investors since the time of its introduction in 1968. This is due to the various features and benefits that are attached to the PPFs that make it a better investment option in the market among its peers.
About ICICI Bank PPF ACCOUNT
The eligibility criteria for ICICI PPF account is the basic or the general eligibility criteria that is applicable for the PPF Scheme. The details of the same are given below.
The scheme places certain restrictions for parents to open a PPF account on behalf of their minor son or daughter stating that both the parents are not allowed to open a PPF account for the same minor child. They can open a PPF account for each child in the case of two children or either parent can open a PPF for the minor child in case of a single child.
The grandparents of a minor can open a PPF account on behalf of their grandchild/grandchildren as their guardians if both the parents of such minor are dead.
ICICI Bank offers easy procedures to open a PPF account to the individuals. The process is further simplified for existing ICICI customers/account holders as they can also avail the online registration or PPF account. Any person who is a resident of the country can open a PPF account in ICICI bank by simply visiting any of the nearest designated branches and submitting a duly filled and signed Form A (application form). This has to be accompanied with the requisite KYC documents as per the norms of the bank. The scheme also requires the person to submit a nomination Form E which is an essential part of completing the application.
ICICI Bank also offers a complete online procedure to its existing customers or account holders for starting a PPF account. Such complete online procedure is available only with select banks in the country while others offer a partial online procedure.
The details of the online procedure available with the bank are,
Other points to remember in opening an online PPF account with ICICI Bank –
The documentation required by ICICI Bank to open a PPF account is fairly basic and simple. The details of the same are,
The deposit limits under PPF during any financial year are,
Such investment in PPF can be made via any of the following ways
The investor gets various features and benefits of opening a PPF account with SBI which make it a preferred choice among the available options. The details of the same are provided here.
The bank also allows the investors to avail loans against their PPF account. Some of the highlights pertaining to such loans are,
The scheme allows the investor to withdraw any amount from the PPF account only after the maturity of the account i.e. after the completion of 15 years.
At such time, the investor can withdraw the entire corpus fund along with the interest accrued on such investment. Withdrawal of such amount at the time of maturity is eligible for tax exemption under the provisions of the Income Tax Act, 1961.
The investor is allowed to avail partial withdrawals from the PPF account after the 7th year. However, the bank permits premature withdrawals from the PPF account to the extent of 50% of the balance available under the PPF account at the end of 4th year.
Such early withdrawal from the PPF account is permitted only under certain circumstances such as,
Contribution to PPF (Repayment of Loan taken against PPF, Interest payment or payment of penalties or fees)
Change in nomination
Claim for PPF account
Extension of PPF account
Premature closure of PPF account
The bank has various ways for the investor to contact the bank and resolve any of the queries or issues that they may face with regards to their PPF accounts or any other service that they may require. The contact details of the bank are enlisted below.
+91 40 7140 3333 (personal banking number for domestic customers travelling abroad)
The customers can also call on the general number 1800 200 3344 between 9 am to 6 pm from Monday to Friday to register their complaints or grievances. The customers have to provide a service request number which is not more than 2 months old in order to process their grievance or complaint.
The customers can also post any general query on the link to their customer care portal and get prompt answers for the same.
ICICI Bank also has a detailed list of all the designated branches that are eligible to offer the opening of PPF accounts on its website. Customers can find this information under the following link
ICICI bank Personal Products Investments PPF PPF Designated Branches
1. What is the age criterion for investing in PPF?
There is no age bar or limit for investing in PPF accounts.
2. When can a person withdraw from the PPF account without attracting any tax implications?
A person can withdraw the entire corpus fund and the interest income generated thereon after the maturity of the account which is at the completion of 15 years.
3. Who is specifically excluded from opening a PPF account?
The scheme specifically excludes NRIs from opening a PPF account.
4. What is the current rate of interest on PPF accounts?
The current rate of interest on PPF accounts is 7.9% from 1st October, 2019.
5. When can a person avail loans from the bank?
A person investing in PPF accounts can avail a loan against his/her investment only after the completion of the 3rd year of the PPF account but before the completion of the 6th year of such account.
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