PPF-Invest online now with ICICI Bank.

Now ICICI Bank has been authorized to open PPF account by Ministry of Finance. Advantage of opening with ICICI bank is, you can opt online investment like SBI if you have account with ICICI Bank. Let us see some features and drawbacks of this facility.

1) To open PPF account with ICICI Bank, you need to be customer of this bank.

2) Currently all branches of ICICI bank not have facility of opening PPF account. Selected branches have this facility. Check availability of branch on ICICI site.

3) Eventhough investment is online process but account opening requires filling specified form online and taking printout of the same. After signing you need to attach the desired forms with the form and submit it to nearest branch.

4) Documents required are-

a) If you are customer of ICICI more than 5 years

  • Form A (Prescribed form for PPF account opening)
  • Passport size photo
  • Copy of Pan Card

b) If you are customer of ICICI less than 5 years

  • Form A (Prescribed form for PPF account opening)
  • Passport size photo
  • Copy of Pan Card
  • Residence proof – Passport/ Electricity Bill/ Mobile Bill

5) You can transfer your existing PPF account to ICICI Bank, in that case it is considered as existing account.

6) Procedure involves for transfer of your existing account is, you need to submit application for transfer of your PPF account with existing bank or post. Existing bank or post will process the application form and transfer your account to ICICI Bank.Once transfer in documents are received at ICICI Bank branch, customers are required to submit fresh PPF account opening form (Form A) and Nomination form (Form E/ Form F in case of change of nomination), along with their original passbook . Also customer is required to submit a fresh set of KYC documents.

7) You can view your account balance, transferring funds from linked savings account online and viewing your Public Provident Fund (PPF) account statement online in your ICICI Bank Net Banking Account.

7) You can view your PPF account under your ‘My Accounts’ section in the logged in section.

8) Passbook will not be available for the customers who opted for online facility. But with the written request with your branch, you can avail passbook facility too.

9) For your information below are the types of forms of PPF.

  • Form A-Used to open PPF account.
  • Form C-Used for withdrawals from your PPF account.
  • Form D-For availing loan facility.
  • Form E-For nomination purpose.
  • Form F-Nomination change.
  • Form G-For withdrawal by nominees/legal heirs.

Hope this facility will be an added advantage for PPF investors and by opening this facility with private bankers too, we can expect some service competitiveness.

 

9 Comments

  1. The staff in nationalised banks & post offices are really lazy,not properly trained, not responsive to customers, their superiors cannot take any action against them.This is my actual experience since many years.

    Reply
    • Mahajan-It is not your own experience but universal experience.

      Reply
  2. Hi,

    Can I open the ppf account in the ICICI, “in the name of my kids”. If yes, What is the procedure for this?

    Thanks
    Chetan

    Reply
    • Chetan-Yes if your kids are minor then you can open in their name by being a guardian. For detailed procedure better to contact ICICI Bank.

      Reply
  3. While filing tax returns how do we show any documented proof of ICICI bank PPF ? I have an online PPF account with ICICI but don’t have any other document to show for Tax returns. Can you please guide me.

    Reply
    • Rajesh-You can view the transactions online. Check it. You can submit the same transaction statement as a proof of investment.

      Reply
  4. Pradeep-No difference when it comes to the features and returns of PPF. It is your choice to go either with Nationalized Banks, Post Office or ICICI. But online payment facility is available only with SBI and now with ICICI. It is easy for the investors who have already account with ICICI. Also compare to Nationalized banks you can expect some quick response to your queries in private banks. I feel that Nationalized banks still have the tendency of lazy response, bossism and no eagerness to provide service to customers. So it is entirely your choice to choose.

    Reply
  5. why tell me why we should opt for ICICI over national banks like SBI

    Reply
  6. Good one

    Reply

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