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Public Provident Fund

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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Public Provident Fund

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  1. Public Provident Fund

  2. Features Background Benefits Process

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. Thank You

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