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Public Provident Fund

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Public Provident Fund. Features. Background. Benefits. Process. Background. Post office and PSU Banks put together hold a larger value of PPF deposits ICICI Bank is the only private sector bank offering PPF accounts

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Presentation Transcript
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Features

Background

Benefits

Process

background
Background

Post office and PSU Banks put together hold a larger value of PPF deposits

ICICI Bank is the only private sector bank offering PPF accounts

Ministry of Finance has approved to source PPF accounts through online mode

Currently PPF account offering is available through 42 designated branches across India

ppf scheme benefits
PPF Scheme Benefits

PPF offers tax benefits under Triple E regimen

Investment under PPF is tax free

Interest earned under PPF scheme is tax free

Outflow in terms of principal and interest is also tax free

PPF scheme offers loan facility between 3rd and 6th year of investment

PPF scheme offers withdrawal facility from 7th financial year

Post maturity PPF account can be extended in block period of 5 years

PPF offers long term investment with safety

off line ppf account opening process
Off line PPF account opening process

Customer approaches nearest designated ICICI Bank branch for opening PPF account

For PPF account opening following are the documents required to be submitted by customer :

Form A with Passport size photograph affixed

PAN Card Copy

Customers having ICICI Bank relationship > 5 years Residence proof ( as per circular 9106 )

In case of individual opening an account on behalf of minor birth certificate of minor is to be submitted along with above documents

Post verification by the branch PPF documents are forwarded to RPC for account opening

Branch will raise SR on RPC for documents sent

online ppf account opening process
Online PPF account opening process

Customers having retail infinity ID will have the link for PPF accounts under Invest/Insure online section

Once the customer selects PPF account he would be taken to a landing page of PPF

PPF landing page would provide following requests

Open PPF

Transfer funds into PPF

View mini/ detailed statement

Filled application form needs to be submitted to any of ICICI Bank branch

Branch will send the form to RPC for account opening

Auto linking to Infinity user ID

In case of new cust ID is created manual linking will be done after the PPF account is opened successfully

transfer in account opening process
Transfer in account opening process

Oncethecustomerreceivesallthenecessarydocuments,thesamemaybesubmittedattheICICIBankdesignatedBranchalongwithfreshaccountopeningform(formA)andNominationform(FormE/FormFincaseofchangeofnomination),alongwithoriginalpassbook.

Customers having ICICI Bank relationship > 5 years will have to submit KYC documents as per circular number 9106

Existing bank (SBI or post office) can also send the documents along with cheque/dd directly to ICICI Bank designated branch

This process takes 10 to 15 days

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