PPF (Public Provident Fund) is one of the most popular long-term saving instruments in India. It is also a decent tax saving tool under Section 80C Of The Income Tax Act. There is tax benefit under Section 80C with maximum limit of Rs 1,50,000 per annum. The interest earned on the investment is also tax free which means tax is not deducted at source.
PPF, is a good alternative for people who are self-employed (or) are from unorganized sectors since EPF/GPF is not available to them.
PPF account can be opened in a designated post office or a bank branch. Some of the banks do offer the PPF account opening facility through online mode, but the entire process is not paper-less. Some documentation work is required and you have to visit the branch to complete the account opening process.
If you are a customer of ICICI Bank, there is some good news for you! Customers can now open a PPF account online, 24X7. ICICI Bank has announced the launch of a digital service that enables customers to open a Public Provident Fund (PPF) account instantly and in a completely online and paperless manner.
ICICI Bank has worked closely with the Ministry of Finance to pioneer a completely online proposition for opening a PPF account.
An ICICI Bank customer can now conveniently open a PPF account anytime, anywhere using the bank’s digital channels of internet and mobile banking/Mobile APP. ICICI Bank claims that it is the first bank in India to offer instant Public Provident Fund (PPF) account facility.
How to open online PPF Account instantly through ICICI Bank?
Below are the pre-quisites to open an instant PPF account online @ ICICI Bank ;
- You need to be a Savings Bank account customer of ICICI Bank.
- Should have access to ICICI bank’s Netbanking / Mobile banking / APP facilities.
- You need to have linked Aadhaar to your Savings account (or) need to provide it at the time of opening the PPF account online.
- Your mobile number which is linked to your Aadhaar should be in active status, to receive OTP (one time password) which is used to e-sign/e-authorize opening of PPF account instantly.
Below is the step by step procedure to open instant PPF account online ;
- Visit ICICI Bank portal and login with your credentials.
- Click on ‘My Accounts’ tab and select ‘PPF Accounts‘ option.
- Click on ‘open now’ button.
- In the next screen, you can select your savings bank account number from which you would like to contribute to PPF account, enter initial deposit amount, PAN number is pre-filled (if already provided else you need to update it) and select the state/branch details (you can select any one of the listed branches located in your State).
- If you wish to add nomination same as in your Savings account, select ‘yes’. You can also update/change your nomination details later on.
- You can also set-up ‘standing instruction’ for automatic debit at periodic intervals.
- Verify your personal details, address, nomination data and click on ‘proceed’ button.
- In the next screen, you need to verify Aadhaar number. If your bank account is already linked to Aadhaar, you can click on ‘Generate OTP’, else need to update your Aadhaar online.
- You can e-sign with Aadhaar OTP to open PPF account online instantly.
- On submission of the above, your PPF account is created instantly within a few seconds. The account number of PPF is displayed instantly to you. (Kindly note that the statement of transaction as well as the annual statement of the PPF account is available on internet banking.)
You can follow similar steps to open the PPF account from your ICICI Bank mobile App (iMobile) as well.
- As per law, an individual can have only one PPF a/c in his/her name.
- A minimum of Rs. 100 can be deposited as initial deposit amount.
- PPF account for minors can not be opened through online mode. You need to visit any of the ICICI Bank branches.
- NRIs can not open PPF account.
- You can visit the nearest ICICI Bank branch and give the request for nomination updation/change (if required).
- Joint-account holders can not open PPF account online.
- Customer needs to visit the branch to get the passbook for a PPF account.
Continue reading :
- In whose name can you invest in PPF?
- Tax Treatment of various Financial Instruments (like PPF, EPF, NPS, ELSS etc.,)
- Latest NSC & PPF rules for Non-Resident Indians (NRIs)
- PPF A/c Premature Closure : Latest Rules & Eligibility Amount Calculation
- List of best Investment Options in India
Kindly note that ReLakhs.com is not associated with ICICI Bank. This is NOT a sponsored/paid post. We have not received any monetary benefit for publishing this article. The content of this post is intended for general information / educational purposes only.
(Reference : ICICI Bank portal) (Post published on : 08-December-2017)