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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.
Following are the PPF rates for the past two years.
|Period||PPF Interest Rates|
|From 1st Oct 2019||7.9%|
|1st Jul 2019- 30th Sept 2019||7.9%|
|1st Apr 2019 - 30th Jun 2019||8%|
|1st Jan 2019 - 31st Mar 2019||8%|
|1st Oct 2018 - 31st Dec 2018||8%|
|1st Jul 2018 – 30th Sept 2018||7.6%|
|1st Apr 2018 - 30th Jun 2018||7.6%|
|27th December 2017 - 31st March, 2018||7.6%|
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.
Follow these steps to open an ICICI Bank PPF Account Online:
Ensure that you have a savings/salary account with ICICI Bank. If not, you will be required to open one
Register for net/online banking
Ensure that your Aadhaar card is linked to your account
Login to your account via net banking
Choose ‘My Accounts’ tab and select ‘PPF Accounts’ option
Select ‘Open Online PPF Account’ option
You need to verify your KYC details such as name, address and nomination data
Your Aadhaar card will be verified. If your bank account is already linked to Aadhaar, you can click on Generate OTP.
You can also e-sign with Aadhaar OTP to open PPF account online instantly
Once completed, your PPF account is instantly created in few seconds and the account number of PPF is generated
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:
Proof of ID - Aadhaar, PAN, Voter ID, Driving License, etc.
Proof of Address - Aadhar Card, Passport, recent utility bills, etc.
2x Passport size photograph
ICICI Bank Public Provident Fund account opening form
Following are the modes of deposit for ICICI PPF Account
You can make a deposit in your ICICI Bank PPF account via ICICI Bank Savings/Salary/Current account online via auto-debit
For offline mode, you can visit the branch with cash or cheque
You can also make a deposit in your ICICI Bank PPF account from other bank accounts via NEFT, ECS and standing instructions.
You can transfer your current PPF account to ICICI Bank:
Submit a transfer request in the bank or post office where the PPF account is held.
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.
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.
The eligibility criteria for opening an ICICI Bank PPF Account are: