How to open PPF account online in ICICI and SBI Banks?

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• 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.