Launched in 1968 by the Finance Ministry’s National Savings Institute, the PPF account is a long-term savings and investment scheme backed by the Government of India. ICICI Bank PPF is completely tax-free, all the returns and maturity proceeds are not subject to taxation. It helps borrowers to save up to ₹1.5 lakh annually under Section 80C.
With an interest rate of 7.1% p.a., ICICI Bank’s PPF account aims to facilitate easy online investing.
To know more about ICICI Bank PPF Account read further.
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ICICI Bank PPF Interest Rate
The Public Provident Fund (PPF) offered by ICICI Bank provides attractive tax-free returns to help you grow your savings. The government decides the interest rate every quarter and is fully exempted from tax under Section 80C.
To know more highlights on ICICI Bank’s PPF offerings, glance through the table
| Feature | Description |
|---|---|
| Attractive Interest Rate | 7.1% p.a onwards |
| Tenure Period | 15 years |
| Extension Period | 5 years |
| Minimum Deposit | ₹500 |
| Maximum Deposit | ₹1,50,000 |
| Passbook | Issued to customers |
| Penalty | Rs. 50 |
ICICI Bank PPF Account Eligibility
Here are the specific eligibility criteria ensuring a clear understanding of who can initiate a PPF account with ICICI Bank:
- The account can be opened by Indian residents on their own behalf or on behalf of a minor.
- Individuals are allowed to open only one PPF account in their name. However, an exception exists for an account opened on behalf of a minor.
- In the case of a minor account, either the mother or the father can initiate the account on behalf of the minor.
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Documents Required to Open ICICI Bank PPF Account
To ensure a smooth and efficient process, the documentation required for opening a PPF account with ICICI Bank depends on the duration of your relationship with the bank.
For Customers with a Relationship
- Form A
- Passport size photograph
- Copy of PAN card
For Customers with a Relationship > 5 Years:
- Form A
- Passport size photograph
- Copy of PAN card
- Residence proof – Passport or Electricity Bill
Key Features of ICICI Bank Public Provident Fund Account
Invest in ICICI Public Provident Fund for a secure and tax-efficient financial future. The bank provides benefits from assured returns, low risk, and the option to small while building substantial wealth over the years.
- Assured Returns with Low Risk: ICICI PPF provides the twin benefits of assured returns and low risk, making it a secure investment avenue for individuals seeking stability in their financial portfolios.
- Help Build Savings: The flexibility of saving small amounts empowers investors to build substantial wealth over time. ICICI PPF allows contributions as low as ₹500, enabling gradual wealth accumulation.
- Completely Tax-Free: Enjoy the unique advantage of tax-free returns with ICICI PPF. The interest earned yearly and the maturity amount are entirely exempt from income tax, enhancing the overall tax efficiency of your investment.
- Amount Deposited up to ₹1.5 Lacs a Year: Investors can deposit up to ₹1.5 Lacs annually in their ICICI PPF account. The interest earned yearly and the maturity amount remain tax-free, providing a tax-efficient investment option.
- Loan Against PPF: ICICI PPF offers the flexibility to avail a loan against the PPF account between the 3rd and 6th year, providing a safety net for unforeseen circumstances. Click here to learn more about Loan Against PPF account.
- Build Wealth Over Years: ICICI PPF encourages wealth-building over the long term. With the ability to save as little as ₹500 and a maximum of ₹1.5 Crores in a year, investors can tailor their contributions to their financial capacities.
ICICI PPF Account Withdrawal
ICICII Bank facilitates easy access to the PPF account, ensuring users can operate it effortlessly. Despite its user-friendly interface, please note that ICICI PPF account withdrawals currently follow an offline process.
Follow the simplified guide to for a smooth ICICI PPF account withdrawal process:
Download and fill out the appropriate form:
- Form C: Use this form for partial withdrawals, which are allowed after the completion of 5 years from the account opening date, excluding the first financial year. You can download Form C from the ICICI Bank website.
- Form H: Use this form to extend the tenure of your account after the initial 15-year maturity period.
Gather required documents:
- Your PPF passbook
- The completed withdrawal form (Form C or Form H)
- Valid ID proof like your PAN card or Aadhaar card
Points to Remember of ICICI Bank PFF Withdrawal
In strategically managing your ICICI PPF account, it’s essential to be aware of these withdrawal terms.
- Partial withdrawals are only allowed after the completion of 5 years from the account opening date, excluding the first financial year.
- The maximum allowed withdrawal is 50% of the balance at the end of the 4th year preceding the year of withdrawal.
- Only one partial withdrawal is permitted per financial year.
Note: For further information check the ICICI Bank website or call their customer service for the latest information on their PPF services and any potential future changes to withdrawal options.
How to Open a PPF Account in ICICI Bank
To open a PPF account with ICICI Bank, follow the steps below to complete the process smoothly and efficiently.
Step 1:Login to ICICI Bank net banking.
Step 2:Navigate to “Bank Accounts” >> “PPF Accounts.”
Step 3:Keep your Aadhar card ready.
Step 4:Fill in details, set up standing instructions, and E-Sign.
Step 5: After your PPF account is created. Funds debited from your ICICI Bank savings account.
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How to Deposit Money in ICICI Bank PPF Account
ICICI Bank’s Public Provident Fund provides a flexible deposit range each financial year, starting from a minimum of Rs 500 to a maximum cap of Rs. 1,50,000. Now you have access to your PPF account through both online and offline modes.
Online Cash Deposit:
- Customers can initiate the process by logging in to their personal banking account on the ICICI platform.
- The online payment process mirrors standard fund transfers, ensuring familiarity and ease of ICICI Bank.
- The security of online transactions, ensuring a seamless and secure experience for depositing cash into PPF accounts
Offline Cash Deposit:
- Customers who favor traditional banking channels can deposit cash into their PPF accounts by visiting any ICICI branch.
- Customers can make PPF contributions by issuing cheques at the bank branch.
- Customers can complete a pay slip at the ICICI Bank branch, providing a flexible avenue for managing PPF contributions.
How to Transfer PPF Account to ICICI Bank
You can move your PPF account to ICICI Bank by starting the process at your current bank or post office or completing it at ICICI Bank. Both methods described below are intended to make the transition smooth and easy.
At the bank or post office:
- Submit Transfer Request: Begin by requesting the transfer of your PPF account from your current bank or post office.
- Document Submission: Your current bank/post office will send the necessary documents, including a certified copy of your PPF account, application, nomination form, specimen signature, and a cheque/DD for the outstanding balance.
At ICICI Bank:
- Notification and Document Receipt: ICICI Bank will notify you upon receiving these documents.
- Submit Necessary Documents: Provide ICICI Bank with a fresh PPF account opening form, nomination form (if needed), original PPF passbook, and a new set of KYC documents.
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