ICICI PPF Account

Benefits of ICICI PPF Account

The following are the benefits of the ICICI PPF Account:

1. PPF account statement can be viewed easily
2. Ensures regular investment by providing standing instruction
3. Funds can be transferred online from savings to PPF account

How to avail ICICI PPF scheme

PPF account in ICICI can be availed both online as well as offline. You can apply online by filling an online PPF account form and then printing the filled-in form and depositing it along with other required documents at the nearest ICICI branch. Your PPF account will then be opened in the designated branch of ICICI bank which has been authorized by the ministry of finance.

Alternatively, you can also visit the designated PPF branch of ICICI, fill the PPF form and submit it at the bank branch. ICICI gives you the flexibility to operate your PPF account online and to check and print account statements online.

ICICI PPF account opening form

ICICI PPF form which is also called Form A has two parts.

1. First takes in the information of the PPF applicant
2. Second part of the form is for filling in the nominee details.

Customers are required to furnish basic details like name, permanent address, PAN card information, initial contribution etc. The form also requires details pertaining to debit account number, standing instructions if any and account opening branch ID.

Interest rate on ICICI PPF scheme

ICICI offers competitive interest rate of PPF scheme. The rate is a considerable 7.1% per annum. The effective rate offered is more than any other deposit schemes since the returns received are totally tax-free.

ICICI PPF Calculator

ICICI PPF calculator is a good online tool to get an estimate of how much you want to invest per annum with respect to the amount of money you are expecting to receive at the end of 15 years. Also, knowing your investment and returns accurately makes it easy for you to assess your financial capacity and plan your finances accordingly.

The PPF calculator takes in parameters like yearly investment and the current PPF rate of interest and then computes the final amount that you may receive at the end of the PPF tenure.

How to deposit money in your ICICI PPF Account?

Depositing money in to your ICICI PPF account can be done both online and offline. You can access your ICICI PPF account online from any place and at any time. PPF statements too ae available online to customers.

1. Online deposit of cash : CICI bank allows customers to deposit cash online in their PPF accounts. The accounts can be accessed by logging in to the personal banking account of ICICI. Payment can be made in the same way as any other fund transfers are made.
2. Offline deposit of cash : Customers can deposit cash in their PPF account by vising any of the ICICI branches. Standing instructions can also be set for timely payment of PPF amount. Offline payments can be made either through cheque or by filling in a pay slip at the bank branch.

How to transfer your PPF account from the post office to ICICI?

The following are the steps to transfer PPF account from the post office to ICICI bank:

1. Fill in the PPF account transfer form at the post office
2. The post office will send all the account related original documents to the ICICI bank
3. Documents to be submitted are as follows:

• Copy of the account
• Account opening application
• Nomination form
• Account holder signature
• Cheque or DD of the outstanding balance

1. After the ICICI bank receives the PPF transfer documents, the bank intimates the customers

1. Customer needs to submit the following to the ICICI Bank:

• PPF account opening form
• Original PPF passbook
• Required KYC documents

After cross-checking the original documents, the transfer procedure is completed and a fresh PPF account is opened at the bank.

Eligibility to Open ICICI PPF Account

The following are the eligibility criteria for opening a PPF account at ICICI Bank:

1. Indian residents (for self and behalf of minor)
2. Only one account (for self, except for an account opened on behalf of minor)
3. For minor account, either mother or father can open the account
4. Grandparents cannot open PPF account for their grandchild

Note:

1. Father or mother cannot open a PPF account for the same child
2. In case of death of both the parents, grandparents can open the PPF account on behalf of their grandchild

Documents required to open ICICI PPF Account

In order to open a PPF account with ICICI a certain set of documents need to be submitted to the bank. These documents should be submitted along with the PPF account opening form. Here is the list of documents required to apply for ICICI PPF scheme.

For ICICI customers who have a banking relationship with ICICI for less than 5 years

1. Form A for PPF opening
2. Passport size photograph
3. Copy of PAN card

For ICICI customers who have a banking relationship with ICICI for more than 5 years

1. Form A for PPF opening
2. Passport size photograph
3. Copy of PAN card
4. Proof of residence – Passport or Electricity Bill

General Features & Benefits of PPF Scheme

The following are some of the significant features and their benefits of PPF scheme: 

1. PPF scheme is tax exempted as per section 80C
2. Offers attractive interest rate of 7.10%
3. Offer investment tenure of 15 years
4. Allows minimum and maximum deposit of Rs.500 and Rs.1.5 lakh, respectively
5. Customers can avail themselves of loan between third and sixth financial year

1. After completion of five years, customers can withdraw the amount partially
2. PPF investment can be extended after maturity by a period of five years
3. Amount can be deposited through cash, cheque, or online fund transfer such as NEFT

Important Points to Remember about ICICI PPF Account

The following are the terms and conditions that should be remembered about the ICICI PPF Account:

1. Fund transfer to PPF account is possible through internet banking
2. Deposit will not be allowed if PAN is incorrect or not updated

1. Individual must attain the age of majority to open account for self or on behalf of minor
2. Customers must have ICICI Bank savings account and also access to internet banking to open ICICI PPF account