ICICI PPF Account Online 2023: Interest Rates, Procedure, and More: In India, most of the major private and public banks, as well as the Indian Post Office, offer Public Provident Fund (PPF) accounts. The Central Government of India authorizes these banks to open and operate PPF accounts.
ICICI Bank, one of the leading private banks in India, allows customers to open a Public Provident Fund (PPF) account online.
The purpose of this article is to explain the procedure to open a PPF account at ICICI Bank, the benefits of opening such an account, the ICICI Bank PPF interest rates in 2023, and the process to transfer a PPF account to ICICI Bank.
Table of contents
- Quick Summary About ICICI PPF Account
- About PPF
- Benefits of ICICI PPF Account Online
- ICICI PPF Interest Rates 2023
- ICICI PPF Account Online
- Eligibility to Open PPF Account in ICICI
- Pre-Requisite to Open PPF in ICICI
- Step-by-Step Procedure to Open PPF Account in ICICI
- Transfer PPF account to ICICI Bank
- FAQ about ICICI PPF Account
Quick Summary About ICICI PPF Account
The table below summarizes crucial information about a Public Provident Fund (PPF) account and its features, advantages of opening an online PPF account with ICICI Bank, current PPF interest rates, eligibility criteria, prerequisites, procedures to open a PPF account with ICICI Bank, and how to transfer an existing PPF account to ICICI Bank. The information is presented in a clear, concise manner for easy comprehension.
Here’s the requested summary in table format:
|About PPF||15-year maturity period, 7.1% annual interest rate, minimum deposit of Rs. 500, maximum of Rs. 150,000 per year, loan facilities available from 3rd to 6th year, partial withdrawal allowed from 7th year.|
|Benefits of ICICI PPF Account Online||Can be opened online, paperless process, instant activation, allows for online transactions, top-notch security, dedicated customer support, provision to nominate, auto-deposit feature, excellent for long-term savings.|
|ICICI PPF Interest Rates||Currently at 7.1% for 2023. Interest is calculated based on minimum balance from the 5th day of the month till the end.|
|Opening an ICICI PPF Account Online||Can be done via ICICI Bank app or website, prerequisites include a mobile number linked to Aadhaar and an ICICI Bank savings account for e-signing and KYC verification.|
|Eligibility to Open PPF Account in ICICI||Available to resident individuals and on behalf of minors, not available for NRIs and HUFs, requires an initial deposit of Rs. 500.|
|Pre-Requisite to Open PPF in ICICI||Active ICICI Bank account, internet banking enabled, Aadhaar linked to ICICI account, active mobile number, personal details including PAN number.|
|Procedure to Open PPF Account in ICICI||Can be done online through the ICICI portal, involves providing account details, verifying Aadhaar details, e-signing with Aadhaar.|
|Transfer PPF Account to ICICI Bank||Possible by submitting a transfer request at the existing bank, followed by submission of various forms and documents at the ICICI branch.|
- Long-term Investment: The maturity period of a PPF account is 15 years, making it a great avenue for long-term savings and wealth accumulation.
- Attractive Interest Rate: The current annual interest rate for PPF is 7.1%, which is highly competitive compared to other savings instruments.
- Flexible Deposits: You can start a PPF account with as little as Rs. 500 and contribute up to a maximum of Rs. 150,000 in a financial year, allowing for flexible saving plans.
- Loan Facilities: PPF account holders can avail a loan against their PPF balance between the third and sixth financial years, adding an extra layer of financial security.
- Partial Withdrawal: From the start of the seventh financial year, you can make partial withdrawals from your PPF account, offering liquidity when needed.
Benefits of ICICI PPF Account Online
- Ease of Access: ICICI PPF account can be opened online without the need to visit a physical bank branch. This convenience of digital banking provides seamless access to account opening and management from anywhere, anytime.
- Paperless Process: The online application procedure eliminates the need for physical documentation, making the process more efficient and environmentally friendly. It also reduces the time taken to open the account.
- Instant Activation: Upon completion of the online application, your ICICI PPF account gets activated instantly. You can start making contributions to your account immediately.
- Digital Monitoring: With ICICI’s online banking facilities, you can track your PPF account’s progress, check your balance, view statements, and monitor your deposits and returns at your convenience.
- Online Transactions: Deposits into the PPF account can be made online directly from your ICICI savings account. This simplifies the process and helps save time.
- High Security: ICICI Bank employs top-notch digital security measures to protect online transactions, ensuring the safety of your investments and personal information.
- Customer Support: ICICI Bank provides dedicated online customer support to assist with any issues related to the online PPF account.
- Facility of Nomination: While opening a PPF account online with ICICI Bank, you can also add a nominee to the account, making the process of wealth transfer easier.
- Auto Deposit Facility: ICICI Bank offers an auto-deposit feature for its PPF accounts. This enables automatic deduction from your savings account on a specified date, ensuring that your PPF account is regularly funded.
- Long-term Savings: Lastly, like all PPF accounts, an ICICI PPF account is a great tool for long-term savings, with tax benefits and a government-backed guarantee. The ease of opening and managing it online makes it a lucrative option for tech-savvy investors.
ICICI PPF Interest Rates 2023
As of the latest update, the prevailing interest rate for ICICI Bank’s Public Provident Fund (PPF) is 7.1%. For ICICI PPF, the interest is calculated on the minimum balance maintained in your account from the 5th day of the month to the end of the month. Despite being computed monthly, the accumulated interest gets credited to the account annually at the end of the fiscal year.
|1.7.2019 – 31.3.2020||7.9%|
|1.10.2018 – 30.6.2019||8%|
|1.1.2018 – 30.9.2018||7.6%|
|1.7.2017 – 31.12.2017||7.8%|
|1.4.2017 – 30.6.2017||7.9%|
|1.10.2016 – 31.3.2017||8%|
|1.4.2016 – 30.9.2016||8.1%|
|1.4.2013 – 31.3.2016||8.7%|
|1.4.2012 – 31.3.2013||8.8%|
|1.12.2011 – 31.3.2012||8.6%|
|1.3.2003 – 30.11.2011||8%|
|1.3.2002 – 28.2.2003||9%|
|1.3.2001 – 28.2.2002||9.5%|
|15.1.2000 – 28.2.2001||11%|
|Up to 14.1.2000||12%|
ICICI PPF Account Online
Opening a PPF account with ICICI Bank has become easier with digital banking. By using the ICICI Bank app or official website, you can open a PPF account without visiting the bank branch.
Opening an ICICI Bank PPF online is straightforward, but certain prerequisites must be met. You will also need a mobile number associated with your Aadhaar card and an ICICI Bank savings account. In order to ensure a secure and scam-free process, these linkages are needed for online e-signing and KYC verification.
ICICI Bank PPF accounts can be opened online with a host of benefits. You can make instant deposits, check your balance instantly, and monitor any updates related to your ICICI PPF account quickly and easily. For managing your PPF account, online banking is a convenient and efficient option.
Eligibility to Open PPF Account in ICICI
ICICI Bank, one of India’s leading private sector banks, offers customers the opportunity to open a PPF account with ease. Here, we’ll break down the eligibility criteria and the process of opening a PPF account with ICICI Bank.
- Individual Eligibility for ICICI Bank PPF Account: A resident individual in India has the opportunity to open a PPF account with ICICI Bank under their own name. Do note, however, that an individual is allowed to maintain only one PPF account under their name.
- ICICI Bank PPF Accounts for Minors: Parents or legal guardians are entitled to open a PPF account on behalf of minors or individuals who are mentally incapable. However, a crucial point to note is that both parents are not allowed to open separate accounts for the same child. The PPF account can be initiated by either the mother or the father, but not by both.
- NRI and HUF Restrictions for ICICI Bank PPF Accounts: Non-Resident Indians (NRIs) are restricted from opening a new PPF account with ICICI Bank. Similarly, Hindu Undivided Families (HUFs) are not allowed to initiate a new PPF account with ICICI Bank. But, HUFs that had an account before May 13, 2015, can maintain it until it reaches maturity, with no options for extension.
- Initiating Your ICICI Bank PPF Account: All it takes is a minimum initial subscription of Rs.500.
In conclusion, a PPF account with ICICI Bank is a viable savings and investment option that offers substantial benefits. Whether you’re an individual applicant or planning to open an account for a minor, ICICI Bank’s PPF account is a great choice to consider for your long-term financial planning.
Pre-Requisite to Open PPF in ICICI
To open a PPF (Public Provident Fund) account in ICICI Bank, there are certain pre-requisites you need to fulfill:
- Active ICICI Bank Account: You must have an active ICICI bank savings account. If you don’t have one, you’ll need to open it before proceeding with the PPF account opening.
- Internet Banking: You should have ICICI Bank’s Internet Banking service enabled. This is important for opening the PPF account online.
- Aadhaar Card: Your Aadhaar number should be linked with your ICICI bank account for online KYC during the PPF account opening. You can do it also while opening a PPF account.
- Active Mobile Number: A valid mobile number linked with the bank account is needed to receive One Time Passwords (OTPs) for verifying and validating certain steps in the account opening process.
- Personal Details: Ensure that you have your personal details including your PAN number and address handy. These details will be required when filling out the online form.
These are the key prerequisites to open a PPF account with ICICI Bank. Having these in place will ensure a smooth and seamless account opening process.
Step-by-Step Procedure to Open PPF Account in ICICI
The Public Provident Fund (PPF) scheme is a popular long-term investment option offered by ICICI Bank with attractive interest rates and returns that are fully exempted from tax. Investors can benefit from features such as loan facility and withdrawal facility.
Here’s a step-by-step guide to opening a PPF account with ICICI Bank:
Step 1: Visit the official ICICI Bank Portal. https://www.icicibank.com/personal-banking/investments/ppf
Step 2: Log into your account using your login ID and password. If you do not have an account, you’ll need to create one.
Step 3: Once logged in, click on “My Accounts” and then navigate to “PPF Accounts”.
Step 4: Click on the “Open Now” option.
Step 5: You will then be asked to provide your account details. Ensure you fill out all the necessary details correctly.
Step 6: Following this, you will need to verify your Aadhaar card details. Make sure the details match the ones on your Aadhaar card.
Step 7: Click on the “Generate OTP” option. You will receive an OTP on your registered mobile number.
Step 8: Enter the OTP to e-sign with Aadhaar. This will instantly open your PPF account with ICICI Bank.
Step 9: Finally, you can print out these details for your records. You can also log in to your ICICI PPF account at any time to check your account details and balance.
Remember, while the process to open a PPF account online with ICICI Bank is straightforward, ensure you have all the necessary documents ready and your Aadhaar card linked with your bank account to ensure a seamless process.
Transfer PPF account to ICICI Bank
It is possible to switch your PPF account from one authorized bank or Post Office to another. PPF accounts are treated as continuous accounts when you do this. Follow these steps to transfer an existing PPF account to ICICI Bank from another bank or Post Office:
Make a PPF transfer request at the bank or Post Office where you currently have your PPF account.
A certified copy of the account, an application for account opening, a nomination form, a specimen signature, and other documents will be sent by the existing bank or post office. The ICICI Bank branch address you provided will also receive a check/DD for the outstanding balance in the PPF account.
Procedure at ICICI Bank Branch
Once the PPF transfer documents are received at ICICI Bank:
The branch official will inform you about the receipt of the documents.
You are then required to submit a fresh PPF account opening form (Form A), Nomination form (Form E / Form F in case of change of nomination), along with the original PPF passbook.
You will also need to submit a fresh set of KYC documents.
This way, you can seamlessly transfer your PPF account to ICICI Bank and continue your long-term savings journey.
FAQ about ICICI PPF Account
What is a Public Provident Fund (PPF) account?
A PPF account is a long-term savings option with a maturity period of 15 years, offering an annual interest rate of 7.1%. The minimum deposit requirement is Rs. 500 and the maximum is Rs. 150,000 per year. It allows for loan facilities between the 3rd and 6th year and partial withdrawal from the 7th year.
What are the benefits of opening a PPF account online with ICICI Bank?
The benefits include online account opening, instant activation, online transactions, high security, customer support, and provision for nomination. The account also features an auto-deposit function and is excellent for long-term savings.
What is the current interest rate for ICICI PPF?
The interest rate for ICICI PPF for 2023 is currently 7.1%. The interest is calculated based on the minimum balance from the 5th day of each month until the month’s end.
How can I open a PPF account with ICICI Bank online?
You can open a PPF account through the ICICI Bank app or website. The prerequisites include a mobile number linked to Aadhaar and an ICICI Bank savings account for e-signing and KYC verification.
Who is eligible to open a PPF account in ICICI Bank?
The ICICI PPF account is available to resident individuals and on behalf of minors. It is not available for Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs).
What are the prerequisites to open a PPF account in ICICI Bank?
To open a PPF account, you need an active ICICI Bank account, internet banking enabled, Aadhaar linked to your ICICI account, an active mobile number, and personal details including your PAN number.
How can I transfer my PPF account to ICICI Bank?
To transfer your existing PPF account to ICICI Bank, you need to submit a transfer request at your current bank. The existing bank will then send various forms and documents to the ICICI branch, where you will have to submit additional documents to complete the transfer process.
What are the loan and withdrawal facilities in ICICI PPF account?
PPF account holders can avail a loan against their PPF balance between the third and sixth financial years. From the start of the seventh financial year, partial withdrawals from your PPF account are allowed.
What is the process to close the ICICI PPF account after maturity?
You can close your PPF account after the maturity period of 15 years. You will need to submit an account closure form along with your passbook to the bank. Upon verification, the bank will credit the balance amount to your savings account.
Can I extend the tenure of my ICICI PPF account after maturity?
Yes, you can extend the tenure of your PPF account after the maturity period of 15 years in a block of 5 years. However, you will need to submit a request to the bank for this extension.