With PPF Account giving a good return of 8.8% p.a., almost all taxpayers invest some portion of their income in PPF as not only is this investment deductible u/s 80C but the interest earned is also exempt. To know more about the benefits of opening a PPF Account – refer our detailed article on PPF Account
Earlier Public Provident Fund Accounts were allowed to be opened only in Post Offices. But now the Govt. has authorised certain designated branches of various banks to accept PPF Deposits. In one of our articles previously – we explained how you can open a PPF Account in SBI and in this article – we’ll guide you with the process of opening a PPF Account in ICICI Bank.
How to open a PPF Account in ICICI Bank Online
To apply for opening a PPF Account in ICICI Bank Online, login to your online bank personal account through the Bank website – www.icicibank.com. 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
- Bank Account No.
- Account Holder’s Name
- Permanent Address
- PAN Card No.
- Initial Deposit Amount
- Internet Banking ID
- Mobile Number
- Email ID
On submitting the above said particulars, you have to click on the Download Application Form button which would download a PDF File on your computer. You are requested to take a print out of this application form, affix your recent passport size photograph on the same and sign the form. The print out of this duly completed application form is required to be submitted to any bank branch.
Although this application form can be submitted at any bank branch, the PPF Account can be opened only in designated branches. Refer: ICICI Bank branches authorised to open PPF Account. You are also requested to write the name of the designated branch on the Application Form with which you intent to open your account.
Your PPF Account in ICICI Bank would automatically be linked to the Internet Banking ID of your Saving Account