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ICICI PPF Account

Public Provident Fund is a small savings scheme initiated by the Government of India. PPF offers attractive interest rate and returns with safety and these returns are fully exempted from Tax under Section 80C of the Income Tax Act, 1961. ICICI Bank Limited has been authorised by the Ministry of Finance to open PPF Account, as well as provide related services like collecting subscription amounts etc. through its designated branches. Banks offer PPF accounts at the rate fixed by Indian Government. Current PPF interest rates offered by all banks is 7.9% as applicable from October 1st, 2019.

Features of ICICI PPF Account

  • Investment made towards a PPF account is fully exempted from tax under Section 80C of the Income Tax Act, 1961
  • PPF offers an attractive rate of interest - 7.9%
  • A PPF account can be opened with a minimum amount of Rs. 500. The maximum deposit amount is Rs. 1,50,000 in a single financial year
  • Deposit can be made as a lump sum or in 12 transactions
  • Loan and nomination facility is available
  • Partial withdrawal can be made from 7th financial year onwards
  • PPF has a lock-in period of 15 years, which can be extended in a block period of 5 years after maturity

ICICI Bank PPF Account Interest Rates

Following are the PPF rates for the past two years.

PeriodPPF Interest Rates
From 1st Oct 20197.9%
1st Jul 2019- 30th Sept 20197.9%
1st Apr 2019 - 30th Jun 20198%
1st Jan 2019 - 31st Mar 20198%
1st Oct 2018 - 31st Dec 20188%
1st Jul 2018 – 30th Sept 20187.6%
1st Apr 2018 - 30th Jun 20187.6%
27th December 2017 - 31st March, 20187.6%

How to Open an ICICI Bank PPF Account?

ICICI Bank is the first bank in India to offer instant Public Provident Fund (PPF) account facility. As an ICICI Bank Account holder, you can open a PPF account online anytime, 24X7 through the bank’s digital channels of internet and mobile banking/Mobile APP.

Opening a PPF Account Online

Follow these steps to open an ICICI Bank PPF Account Online:

  1. Ensure that you have a savings/salary account with ICICI Bank. If not, you will be required to open one

  2. Register for net/online banking

  3. Ensure that your Aadhaar card is linked to your account

  4. Login to your account via net banking

  5. Choose ‘My Accounts’ tab and select ‘PPF Accounts’ option

  6. Select ‘Open Online PPF Account’ option

  7. You need to verify your KYC details such as name, address and nomination data

  8. Your Aadhaar card will be verified. If your bank account is already linked to Aadhaar, you can click on Generate OTP.

  9. You can also e-sign with Aadhaar OTP to open PPF account online instantly

  10. Once completed, your PPF account is instantly created in few seconds and the account number of PPF is generated

  11. You will have to visit the branch to print a passbook

For offline mode, you will have to physically visit a branch with the following documents:

  1. Proof of ID - Aadhaar, PAN, Voter ID, Driving License, etc.

  2. Proof of Address - Aadhar Card, Passport, recent utility bills, etc.

  3. 2x Passport size photograph

  4. ICICI Bank Public Provident Fund account opening form

Mode of Deposit

Following are the modes of deposit for ICICI PPF Account

  1. You can make a deposit in your ICICI Bank PPF account via ICICI Bank Savings/Salary/Current account online via auto-debit

  2. For offline mode, you can visit the branch with cash or cheque

  3. You can also make a deposit in your ICICI Bank PPF account from other bank accounts via NEFT, ECS and standing instructions.

Transfer of PPF Account

You can transfer your current PPF account to ICICI Bank:

  1. Submit a transfer request in the bank or post office where the PPF account is held.

  2. Your bank or post office will send the original documents (account opening application, nomination form, specimen signature, cheque or Demand Draft of the outstanding balance in your PPF account) to the ICICI Bank branch.

  3. Submit the following documents to ICICI Bank - Form A (fresh PPF account opening form), Form E/Form F (In case of change of nomination), Original PPF Passbook, Fresh set of KYC documents.

Eligibility Criteria for Opening ICICI Bank PPF Account

The eligibility criteria for opening an ICICI Bank PPF Account are:

  1. Resident Indians, NRIs are not eligible for a PPF account. If a PPF account was opened prior to a resident Indian becoming NRI, the account may be continued till maturity.
  2. There is no specific age limit. A PPF account can be opened for a minor as well.
  3. The number of minor accounts allowed is limited to one for each minor child.
  4. HUFs are not eligible for opening a PPF account.
  5. Joint holding of PPF is not permitted.
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