ICICI is one of the first private sector banks to offer PPF scheme to customers. PPF schemes are a sure bet for individuals looking for a safe and profitable investment options. The ICICI PPF scheme comes with dual benefits of attractive returns coupled with income tax exemption. PPF schemes are great financial instruments for inculcating the habit of savings among people. The government of India has expanded the PPF schemes from just post offices to almost all major banks in the country so that PPF scheme is accessible to more people and more people. Bank PPF schemes have made it easier and more convenient for customers to transact with their PPF accounts.
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.
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
- Form A for PPF opening
- Passport size photograph
- Copy of PAN card
For ICICI customers who have a banking relationship with ICICI for more than 5 years
- Form A for PPF opening
- Passport size photograph
- Copy of PAN card
- Proof of residence – Passport or Electricity Bill
ICICI PPF account opening form
ICICI PPF form which is also called form A has two parts. First takes in the information of the PPF applicant and the 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.
ICICI PPF account rules and guidelines
- Tenure of ICICI PPF scheme
Like PPF schemes available across all post offices and all authorized banks, ICICI PPF scheme offers a standard scheme tenure of 15 years. After 15 years, PPF account at ICICI can be extended in blocks of 5 years upon request by customer.
- Eligibility criteria to avail ICICI PPF scheme
All Indian individuals can avail the ICICI PPF scheme either in their own name or in the name of minors. Hindu undivided families are not permitted to avail a single PPF scheme in their name.
- Investment limit on ICICI PPF account
The investment limit on ICICI PPF account for any customer is Rs.1,50,000 per year. Any amount above this amount is not eligible to earn any interest. The minimum amount which can be deposited in the PPF account per annum is Rs.500. Customers can make either one-time payments to their PPF accounts or can deposit small amounts every month throughout the year.
ICICI PPF account features and benefits
- Nomination Facility
You can add a nominee for your PPF account. ICICI provides the facility to fill in details of PPF nominee who is entitled to receive the PPF amount in case of sudden demise of the PPF account holder.
- Tax benefits applicable on ICICI PPF scheme
Tax benefits are one of the prime reasons why customers show immense inclination towards opening PPF accounts. The interest earned on PPF is totally exempt from income tax. This is in accordance with section 88 of the income tax act. The outstanding PPF amount for you is also fully exempt from wealth tax.
- Transfer of ICICI PPF Account
ICICI PPF account can be transferred to any post office or even to other PPF scheme offering authorized banks by placing a request with the bank.
- Loans and partial withdrawals against ICICI PPF account
Yes. Loans can be availed against your PPF account but only between the third and sixth financial year. Partial withdrawals can be made from 7th year of PPF account.
Interest rate on ICICI PPF scheme
ICICI offers competitive rate of interest on its PPF scheme. The rate is a considerable 8.7% 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.
- Online deposit of cash
ICICI 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.
- 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 done either through cheque or by filling a pay slip at the bank branch.
How to transfer your PPF account from post office to ICICI
In case a customer wants to transfer his PPF account from post office to ICICI then he/she needs to fill in a request form at the post office. The post office will then arrange to send all the PPF account related original documents to ICICI. The PPF account will be considered as a continued account by ICICI. Original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. along with cheque/DD of the outstanding balance in the PPF need to be furnished to ICICI by the post office. On receipt of all original documents ICICI bank will intimate the customer about submitting a fresh PPF account opening form at ICICI along with the original PPF passbook and some required KYC documents. After initial cross-checking with original documents, the PPF account is opened.
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