Earlier Post Office of India and State Bank of India (SBI) were only authorized to open PPFaccount. Recently ICICI Bank Limited has been authorized by the Ministry of Finance to open PPF Account, as well as provide related services like collecting subscription amounts etc. through its designated branches.
On opening a PPF account with ICICI Bank, apart from the regular benefits of a PPF account , you also have the benefit of accessing your PPF account online.
Through ICICI Bank Internet banking, you can:
- Fill form online for PPF account
- View your PPF account under your ‘My Accounts’ section in the logged in section
- Transfer funds from linked Savings Bank Account online
- View and print mini and detailed statement online
To apply for PPF account with ICICI Bank, you have to fill form A. Post filling in the form and providing all the requisite details/ data as may be specified therein, the Customer shall be required to take a print of the filled in form, put his/her signatures and affix a recent photograph on it and thereafter submit the complete form at any ICICI Bank branch along with the copy of the Permanent Account No. (PAN) or Form 60/61 in addition to any other details/document etc which may be required under Primary Terms. The PPF Account shall be activated only post the above referred duly signed in form, accompanied with all documents under Terms & Primary Terms, is submitted by the Customer and is duly verified by ICICI Bank to be in the form and manner specified under Primary Terms.
How to open an Online PPF Account in ICICI Bank?
To apply for opening a PPF Account in ICICI Bank Online, login to your online ICICI Bank personal account through the ICICI Bank. If you don’t have online ICICI Account you have to visit the ICICI Bank Branch to open Saving account first.
After logging in to your Online banking account, you would see the option of PPF Account Online on the left menu bar which would take you to PPF Application Form as shown below
You are required to furnish the following particulars in the Application Form –
- ICICI Bank Account No.
- Account Holder’s Name
- Permanent Address
- PAN Card No.
- Initial Deposit Amount
- Internet Banking ID
- Mobile Number
- Email ID
After submitting the above details, you have to Download Application Form and download a PDF File on your computer. You need to take a print out of this application form, affix your recent passport size photograph on the same and sign the form. Please mention the name of the branch where you wish to open your PPF account on the application form.
Documents required for opening a Public Provident Fund (PPF) account
For customers who have a relationship with ICICI Bank that is < 5 years
1- Form A
2- Passport size photograph
3- Copy of PAN card
For customers who have a relationship with ICICI Bank that is > 5 years
1- Form A
2- Passport size photograph
3- Copy of PAN card
4- Residence proof – Passport/ Electricity Bill/ Mobile Bill
The print out of this duly completed application form is required to be submitted to any ICICI bank branch.
Then that ICICI Bank Open your online PPF account or (transfer the form to the designated ICICI Branch).
Process of transferring existing PPF account maintained with SBI or Postoffice to ICICI Bank
As per the PPF scheme of the Government, subscribers can transfer their PPF account from one authorized bank or Post office to another. In such a case, the PPF account will be considered as a continuing account. To enable customers to transfer their existing PPF accounts to ICICI Bank, the following process must be followed.
- The customer approaches the bank or the Post office where his current PPF account is held and makes an application for transfer of PPF account to ICICI Bank’s branch.
- Once the application is processed, the existing bank/Post office arrange to send the original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. to ICICI Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF account.
Role of ICICI Bank Branch:
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.
Points to remember :
- Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor.
- A Public Provident Fund (PPF) account can be opened by resident Indian Individuals and individuals on behalf of minors.
- Only one Public Provident Fund (PPF) account can be maintained by an Individual, except an account that is opened on behalf of a minor.
- A Public Provident Fund (PPF) account can be opened either by the Mother or Father on behalf of their minor Son or Daughter; however the Mother and Father both cannot open Public Provident Fund (PPF) accounts on behalf of the same minor.
- Grand-parents cannot open a Public Provident Fund (PPF) account on behalf of minor grand-child; however, in case of death of both the Father and Mother, Grand-parents can open a Public Provident Fund (PPF) account as guardians of the Grand-child.
- The minimum deposit amount is Rs. 500 per annum and the upper ceiling limit is Rs. 1,00,000 per annum.
- A penalty of Rs. 50 will be levied per year of default, if the customer doesn’t deposit the minimum deposit amount of Rs. 500 on the completion of the financial year.
- The current rate of interest on Public Provident Fund (PPF) is 8.8%, which is compounded annually .
- A Public Provident Fund (PPF) account gets matured after the completion of 15 years from the end of the year in which the account was opened.
- A customer can extend the tenure of a Public Provident Fund (PPF) investment for a block period of 5 years beyond the maturity period by submitting Form H within one year from the date of maturity.
- No premature withdrawal is allowed for Public Provident Fund (PPF) accounts. Only in the case of the death of a customer, their nominee /legal heir can close the account by submitting the required documents as guided by the Ministry of Finance.
- Customer can make one withdrawal every year, from the 7th financial year, of an amount that does not exceed 50% of the balance of the customer credit at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of the preceding year, whichever is lower.
- Customers can avail of the loan facility between third financial year to sixth financial year ie. from third financial year upto end of fifth financial year.
Download application Forms:
ICICI Bank designated Branches for PPF Account:
|1||Hyderabad – Khairatabad||Andhra Pradesh||Hyderabad||6-2-1012, TGV Mansions, Opp. Institution of Engineers, Khairatabad, Hyderabad||500004|
|2||Hyderabad – Madhapu||Andhra Pradesh||Hyderabad||Quadrant-II, Module-II, 1st Floor, Cyber Towers, Hi-Tec City, Madhapur, Hyderabad||500033|
|3||Vishakapatnam||Andhra Pradesh||Vishakapatnam||47-14-18, Isnar Satyasri Complex, Main Road, Dwarkanagar, Vishakapatnam||530016|
|4||Guwahati||Assam||Guwahati||Ground Floor, Shanti Complex, G S Road, Bhangagarh, Guwahati.||781005|
|5||Patna||Bihar||Patna||101 & 102 I Floor Kashi Palace, Dak Bunglow Road, Patna.||800001|
|6||Raipur||Chattisgarh||Raipur||GE Road, Choubey Colony, Raipur.||492010|
|7||New Delhi – Connaught Place||Delhi||New Delhi||9A, Phelps Building, Inner Circle,Connaught Place, New Delhi.||110001|
|8||Delhi – Mayur Vihar||Delhi||New Delhi||B-8, G-41, F-14 & F-8, L S C, DDA Market, Mayur Vihar, Pocket-1, Phase-1, Delhi.||110091|
|9||Panaji||Goa||Panaji||65, Sindur Business Centre, Swami Vivekanand Road,||403001|
|10||Vadodara||Gujarat||Vadodara||Landmark Building, Race Course Circle, Alkapuri, Vadodara.||390007|
|11||Ahmedabad – Drive-In-Cinema||Gujarat||Ahmedabad||Swamini Complex, Opp. Drive-In Cinema,Drive in Road, Ahmedabad||380054|
|12||Panchkula||Haryana||Panchkula||Show Room No. 6, Sector 11, Panchkula, Haryana||134109|
|13||Shimla||Himachal Pradesh||Shimla||The Mall, Shimla, Himachal Pradesh.||171001|
|14||Jamshedpur||Jharkhand||Jamshedpur||Natraj Mansion, Main Road, Bistupur, Jamshedpur||831001|
|15||Ranchi||Jharkhand||Ranch||Main Road (near Ratanlal Petrol Pump), Ranchi, Jharkhand||834001|
|16||Bangalore – M G Road||Karnataka||Bangalore||ICICI Bank Towers, 1, Commissariat Road, Ground Floor, Bangalore||560025.|
|17||Manipal||Karnataka||Manipal||Kasturba Hospital Complex, Main Road, Manipal, Udupi District, Karnataka.||576104|
|18||Ernakulam (Cochin)||Kerala||Kochi||Emgee Square, M.G.Road, Ernakulam, Kochi.||682035|
|19||Thiruvananthapuram (Trivandrum)||Kerala||Thiruvananthapuram||TC No:2491, No. 1, M G Road, Thiruvananthapuram.||695001|
|20||Kozhikode (Calicut)||Kerala||Kozhikode (Calicut)||Shafeer Complex, Opp. YMCA, Kannur Road, Kozhikode, Kerala.||673001|
|21||Bhopal||Madhya Pradesh||Bhopal||Plot No. 11, Zone II, Alankar Palace Near Pragati Petrol Pump, M. P. Nagar, Bhopal.||462011|
|22||Mumbai – Nariman Point||Maharashtra||Mumbai||215, Free Press House, Free Press Marg, Nariman Point, Mumbai.||400021|
|23||Pune – Shivajinagar||Maharashtra||Pune||1240-A, Subhadra Bhavan, Apte Road, Shivaji Nagar, Pune.||411004|
|24||Nagpur – Civil Lines||Maharashtra||Nagpur||Vishnu Vaibhav, 222, Palm Road, Civil Lines, Nagpur.||440001|
|25||Palghar||Maharashtra||Palghar||Ground Floor, Shivprasad Commercial Complex, Mahim Road, Palghar||401404|
|26||Boisar||Maharashtra||Boisar||1st Floor, Jagdish Enclave, Boisar-Tarapur Road, Boisar.||401501|
|27||Bhubaneswar||Orissa||Bhubaneswar||OCCF Building, Opp Sriya Talkies, Unit – III, Bhubaneswar||751001|
|28||Cuttack||Orissa||Cuttack||Plot no 2690, Bajraakabati Road, Cuttack.||753001|
|29||Pondicherry – Mission Street||Pondicherry||Pondicherry||47, Mission Street, Pondicherry.||605001|
|30||Chandigarh – Sector 9C||Punjab||Chandigarh||SCO 9-10-11, Sector 9-D. Chandigarh||160017|
|31||Ludhiana – Feroze Gandhi Market||Punjab||Ludhiana||S.C.O. 146 / 147, Feroze Gandhi Market, Ludhiana.||141001|
|32||Mohali||Punjab||Mohali||SCF 21-22, Phase VII, SAS Nagar, Mohali.||160059|
|33||Amritsar||Punjab||Amritsar||Nidhi, 2, Lawrence Road, Amritsar, Punjab||143001|
|34||Jaipur||Rajasthan||Jaipur||C-99, Shreeji Towers, Subhash Marg, Near Ahimsa Circle, C Scheme, Jaipur.||302001|
|35||Chennai – Nungambakkam||Tamil Nadu||Chennai||110, Prakash Presidium, Uthamar Gandhi Salai, (Nungambakkam High Road), Chennai.||600034|
|36||Madurai – Main||Tamil Nadu||Madurai||33, North Chitrai Street, Madurai.||625001|
|37||Lucknow||Uttar Pradesh||Lucknow||11, MG Road, Hazarat Gunj, Lucknow||226001|
|38||Noida – Sector 50||Uttar Pradesh||Noida||ICICI Bank Ltd., Plot No.43,47,48,65,66,67, Block B1, Sector 50, Dehradun||201301|
|39||Dehradun||Uttranchal||Dehradun||52/15, Rajpur Road, Dilaram Bazar, Dehradun.||248001|
|40||Kolkata – R N Mukherjee (Retail)||West Bengal||Kolkata||22, R N Mukherjee Road, Kolkata.||700001|
|41||Kolkata – Gariahat||West Bengal||Kolkata||2/3, Hindustan Road, Gariahat, Kolkata.||700029|
|42||Darjeeling||West Bengal||Darjeeling||49 Laden Road, Darjeeling.||734101|