PPF (Public Provident Fund) is quite a popular saving scheme meant for long term investment and is aptly backed by the government of India with excellent rate of interest. What is better with PPF is that both the investments as well as the returns on PPF are fully exempted from Income Tax under Section 80C. This makes the popular scheme an EEE investment (Exemption – Exemption – Exemption).
PPF remains the number one saving scheme for those who are employed with unorganized and private sector and would never be able to enjoy a pension scheme in their old age. Just because the rate of interest is quite handsome a lot of individuals who want to feel secure about their future opt for PPF.
The rate of interest for PPF keeps changing every time and again and is based on the overall performance of the economy. The current interest rate if 8.7 per cent and the term of the scheme are for 15 years, which would be extended in multiples of 5 years.
PPF account can be opened in a number of public and private sector banks along with in post offices. ICICI is a leading private sector bank in Indian with millions of account holders and excellent services. If you want to open a Public Provident Fund in ICICI, you can search for the nearest ICICI branch in your locality and get yourself a PPF account.
Eligibility for opening Public Provident Fund in ICICI
Any Indian resident, in any capacity can get a PPF account in their name. Moreover, PPF account can be opened PPF for Minors; however the caretaker of the account should be an adult.
In fact, ICICI claims to be the premier private sector bank that is authorized by Finance Ministry for opening PPF accounts. If you want a Public Provident Fund in ICICI, you can simply do the following:
- File the PPF form Online
- Submit your KYC documents by visiting the nearest ICICI branch in your locality
Documents required for Public Provident Fund in ICICI
Opening a PPF account is quite simple and convenient in terms of the documents required for account opening. Here is all that you need to open a Public Provident Fund in ICICI:
- 2 latest passport size photographs
- Copy of Proof of address
- Copy of Proof of Identity
- Copy of PAN Card
- Deposit amount in cash/cheque (minimum Rs 500)
The procedure of getting Public Provident Fund in ICICI
- Visit the nearest ICICI branch in your locality
- Walk up to the concerned official for form filling
- You can also download the account opening form from internet
- Submit the copies of KYC documents along with the filled form to the concerned executive and make signatures as asked by the official.
- Deposit the account opening amount at the cash counter and receive the confirmation ship along with you PPF account passbook/receipt.
Important Instructions and Features of PPF Account
- Joint account is not permissible under the PPF scheme. Only one individual can open a PPF account.
- There is however a provision of nominating someone against your PPF account. You can nominate a maximum of four individuals against your PPF account.
- PPF account can be opened for a minor, subject to the condition that the depositor or caretaker of the account has to be an adult.
- The PPF account matures within a period of 15 years. Moreover, the PPF account holder can extend the term of the account in multiples of 5 years.
- Premature withdrawal is restricted till commencement of 7th year
- You can however opt for a loan against your investment from 4th to 7th year
- You can deposit any amount in your PPF account, the number of deposits not exceeding 12 times within a financial year
- The minimum investment to PPF account is Rs 500 and the maximum is Rs 1.5 lakh within a financial year
Benefits of having Public Provident Fund in ICICI
You can open your PPF account anywhere; however the services may vary from banks to banks and post offices. If you open a Public Provident Fund in ICICI, you would have the privilege of following benefits:
- You can transfer funds to your PPF account through your saving account
- You can also opt for Standing Instructions (SI) to make sure that you invest to your PPF account in a regular basis
- You can view your PPF account investment statement by simply visiting your online banking
We hope that the above information is helpful for you in getting a Public Provident Fund in ICICI. Now, all you need to do is walk up to the nearest ICICI branch or login to the ICICI portal online and register for your PPF account.
Some Important Article Related to Public Provident Fund (PPF)