basunivesh@gmail.com
PPF is one of popular and best debt investment product. Open PPF account online through SBI Bank and ICICI Bank made your life now easier. Let us see the procedure of how to open PPF account online through SBI Bank and ICICI Bank.
As of now, it is cumbersome to open PPF account online as all Banks and Post Office not developed online platforms. This made many investors to stay away from investing in PPF account. Because nowadays all of us want the online facility to transact and view our investments.
Features of Public Provident Fund or PPF
Before proceeding further, let us recap the features of Public Provident Fund or PPF.
- The term of PPF will be 15 years. However, you can extend it further in a block years of each 5 years as long as you wish.
- The interest rate will be annual compounding but changes on a quarterly basis as per the Government notification.
- The minimum investment is Rs.500 and maximum investment is Rs.1,50,000 a year (Financial Year).
- The amount invested in PPF will be eligible for deduction under Sec 80C and maturity interest is tax exempt. So it is EEE (Exempt during investment under Sec.80C-Interest earned during PPF tenure is also exempt-Maturity amount is also tax-free).
- One must open only one account in his name. However, he may be a guardian of his kids. But the combined investment limit of his and such minor account must not be more than Rs.1,50,000.
- You can’t invest more than 12 installments in a year.
- NRIs are not allowed to open the PPF account. If they opened already, then they have to close the account immediately after their residential status changes. Otherwise, they will earn only savings account interest from the date of their NRI status change to the date of closure of the account.
These are the basic features of the PPF or Public Provident Fund.
How to open PPF account online instantly?
Online transaction, investment, and the monitor is the facility which we all need. Considering this requirement, currently, ICICI Bank came up with the complete online facility to open PPF account online instantly.
SBI Bank also offers to open PPF account online. However, it is not a complete online facility.
How to open PPF account online instantly with ICICI Bank?
Considering the need of customers, ICICI Bank is the first bank which offers you the COMPLETE online facility to open PPF account online. Let us see the steps involved in opening the account.
You can now open a PPF account anytime, anywhere using the ICICI Bank’s digital channels of the internet and mobile banking/Mobile APP. ICICI Bank claims that it is the first bank in India to offer instant Public Provident Fund (PPF) account facility.
However, there are certain conditions to open PPF account online instantly with ICICI Bank and they are as below.
- You must be a Savings Bank account customer of ICICI Bank.
- You must have an access to ICICI bank’s Netbanking, Mobile banking and APP facilities.
- You need to have linked Aadhaar to your Savings account OR need to provide it at the time of opening the PPF account online.
- Your mobile number which is linked to your Aadhaar should be in an active status, to receive OTP which is used to e-sign or e-authorize opening of PPF account instantly.
Let me now explain the procedure to open PPF account online instantly with ICICI Bank.
Step 1:-You have to visit ICICI Bank’s Internet Banking portal. Then log in using your internet banking username and password.
Step 2:-Under “My Accounts”, you have to select the option “PPF Account”. The screen looks like below.
Step 3:-Now you will get the screen like below, where you have to click on the link “OPEN NOW”.
Step 4:-Once you click OPEN NOW, then you have to enter the amount which you want to deposit initially, select the branch, and the select on nomination facility and if you want to create a standing instruction like a monthly investment then you can choose here itself. Finally, click on proceed tab.
In personal details, you will see your account personal details like name, address, mobile number and email id, and nominee details.
Step 4:-The next step is Aadhaar authentication. Once you click on send OTP, you will receive an OTP to your mobile number which is registered with Aadhaar.
Step 5:-In the next step, you have to enter the OTP you received in your mobile number. Once you enter the OTP, your PPF account is created instantly. The account number of PPF is displayed instantly to you.
The statement of the transaction and the annual statement of the PPF account is available on internet banking.
As I said above, you can open the PPF account online using ICICI Bank mobile App (iMobile).
This is about the process of open PPF account online instantly through ICICI Bank.
How to open PPF account online instantly with SBI Bank?
SBI Bank also offers customers to open PPF account online instantly. However, it is not 100% online feature. Let me explain you the steps of the same.
- Login to SBI Banking Internet Banking facility. Search for ‘New PPF Account’ option under the ‘e-services’ section and click on it.
- You will then find the link ‘New PPF Account’. For existing customers, details including PAN are displayed on this page.
- Then enter the branch code in the specified field (by locating the branch where you want to be your PPF account).
- Then enter the nominee details and then click on Submit tab.
- After this, the portal will issue a reference number.
- Then print the account opening form from the tab ‘Print PPF Online Application’ (in PDF format) and visit the branch with KYC documents and a photograph within 30 days. After your submission, SBI adds this to its portal.
SBI prepared this video about how one can open PPF acount online with SBI Bank. Please refer this small video for better understanding.
Hope this much information is enough for you to open PPC account online with ease either with ICICI Bank (instantly and purely online) and with SBI Bank.
Refer our other posts related to PPF:-
- All about Public Provident Fund (PPF)
- PPF Account for Minor and Wife – Rules, Tax Benefits and Tricks
- Premature closure of PPF account – New Rules 2016
- PPF and NSC for NRIs – Amendment Rules 2017
- PPF withdrawal rules & options after 15 years maturity
- 15 Rules of availing Loan against PPF (Public Provident Fund)
- PPF-Loan and Withdrawal
- PPF-When to contribute to get higher returns?
- How to transfer PPF Account from Post Office or Bank to another Post Office or Bank?
The conversation between Jaideep and Basavraj is interesting. I am facing the same problem with ICICI. My wife and I have a joint account so couldn’t open PPF account online. They have no answer why it is not allowed!! Basavraj is right. They want us to open multiple.accounts!!
Dear Sobhan,
Thanks for your views 🙂
Hi, I have a joint savings account in a bank (let’s say icici). Can the primary account holder open a PPF account in the same bank “online” ? . Do I need to go to the bank ? (primary account holder does not have an PPF account already)
I know PPF account cannot be opened jointly.
When I went to the icici website I see this message ‘Joint-account holders cannot open PPF account online’. https://cleartax.in/s/icici-ppf-account-opening#:~:text=As%20per%20the%20Indian%20law,of%20the%20ICICI%20Bank%20branches. (point 5)
I tried opening the PPF account online from the savings account which has a joint account and it was allowing me to open, however I didn’t opened it yet.
regards
jaideep
Dear Jaydeep,
Savings account is in no way related to PPF account. Hence, in your savings account, you may be jointly holding. At the same time, you have all rights to hold the PPF account from the same bank at your individual capacity.
Thanks Basavaraj, I absolutely understand that. The question is – if I can open the PPF account ONLINE instead of going to the bank. Bank websites states that – ‘Joint-account holders cannot open PPF account online’. Why is that?
Dear Jaideep,
It is an issue with ICICI Bank not with Government and PPF.
Hi Basavaraj, Possible. I just had a call with ICICI customer service and they said that
1) If you have a joint account in ICICI you cannot open PPF on the same account
2) If you have a PPF account in your ICICI – you cannot make it a joint account
I hope this is not the case with other banks like SBI or HDFC. I will anyway go to ICICI bank in person and find out more on this.
Anyway thanks for your help so far
Dear Jaideep,
As I said, it is the ICICI Bank issue. To be frank, one must not have an account to open the PPF account. It is not mandatory that you must have an account to open the PPF. It is all their internal rules for their OWN COMFORT.
Correct and quite sad that at this age of AI, big banks cannot implement a simple process that is allowed by Government of India. Quite interestingly I do not find any benefit that ICICI can make by putting this restriction. What are they anyway going to lose if they allow people to open PPF on a joint account (or vice versa).
Dear Jaideep,
An idea to have more bank accounts and with restrictions of minimum balance, the easy money to lend to others.
ahh yes yes.. good point 🙂
I want to open PPF account with SBI, as you above mentioned that we need to take out print & submit it. If I send someone on my behalf with all the required documents, will it be enough or I personally need to go to do it?
Dear Amaan,
If your bank staff are generous then they may accept it. Hence, try your luck.
Hello Sir,
Very Nice.
Suppose I have a PPF account in ICICI and ICICI gets bankrupt in next 6 six moths. In this case from where I will continue/get my money back.
Thanks
Amod
Dear Amod,
Money is with Government and ICICI just act like a CLERK.
Many thank for quick reply.
But to whom and with which document we can contact to get that money.
Thanks,
Amod
Dear Amod,
Your Passbook is enough to show the validity of your investment. Regarding whom to contact, if such a situation arise, then Govt itself will declare the contact point. You no need to worry.
Thanks a lot for clarification.
Hi Basu,
Hope you are doing great.
I have a PPF A/c with ICICI bank.
Hope this never happens, but just in case a private bank goes bankrupt or blacklisted or may be closes overnight for some other reason, what risk does it have to the customer’s PPF money via that bank?
Thanks,
Arghya
Dear Arghya,
Your PPF money is not with your bank. Bankers act like service provider. Hence, you no need to worry.
Thank you Basu:)
can we have or open a multiple PPF account?
Dear Nikhil,
You are allowed to open only ONE PPF account.
I have a savings account in SBI. Can I apply for a PPF without having internet banking facility.
Dev-YES.
I am totally new to PPF. Please advise the advantage of opening PPF account in Sbi and icici are remain same or any difference is there.
Anjan-It is same.
Thank You Sir. I opened the same in ICICI.
Hi,
I have joint saving account with my wife in SBI. I already have a PPF account with SBI. Now can my wife open PPF account with SBI, linked with same Saving account.
Regards
Anand
Anand-As per me, a savings account is in no way related to PPF. Hence, she can open the PPF account.
To open Kids PPF Account in ICICI Bank.Do I need to open a separate Saving account in ICICI on their name and then an PPF Account or I can open it through my Saving account and be guardian for their PPF Account.
Sachin-You can use your own account to open the account in your kid’s name.
Sir,
Is the same possible in case of IDBI Saving Account. I have a IDBI Account.
Dibyendu-Possibility of transfer? If your answer is YES, then yes you can transfer.
Hi Basu Sir,
How to transfer existing PPF account with Post Office to SBI or ICICI bank? I am fed up of service from post office. my account is 7 year old. Can the account be transferred to any bank(CORP or Central Bank of India) or only SBI/ICICI?. Will there be any loss incurred if I transfer from Post office to ICICI/SBI?
regards
Rajesh-You can transfer to any bank (which offers PPF product to it’s customers). Refer my earlier post “How to transfer PPF Account from Post Office or Bank to another Post Office or Bank?“.
Thank you sir,
Thank you for the article.
I have my PPF account in SBI and use the max limit of 1.5 lac
Now I want to open PPF account for my son in ICICI.
Can you explain,how can I have max limit of 1.5 la in my kids name too where I will be guardian.
Sachin-The best option is to open the account in your kid’s name being a guardian as your wife.
My wife has an PPF account too in SBI…where uses her max limit of 1.5 lac.
Sachij-Then let you deposit Rs.1.5 lakh in your kid’s PPF account. Let your wife deposit Rs.1.5 lakh in her account and in your account. Refer my post “PPF Account for Minor and Wife – Rules, Tax Benefits and Tricks“.
Sorry for incomplete information.
I am an NRE hence will have to close my PPF account.
1.Being NRE can open PPF account for Kid where i can be guardian.
2.Considering this scenario could explain how can maximise PPF investent.
Sachin-1) NO.
2) I replied already.