Open an ICICI Bank PPF account and enjoy tax benefits. Get assured returns on the long-term Public Provident Fund (PPF) scheme. The PPF scheme is backed by the Government of India. It is very popular long-term investment option offering safety to your investment capital. Along with safety, you also earn attractive interest rate on the deposited amount. PPF returns are fully exempted from tax. Also, investors get other facilities like loans, withdrawals and extension of PPF accounts.
|Interest rate||7.1% p.a.|
|Minimum deposit amount||Rs. 500 in one financial year|
|Maximum deposit amount||Rs. 1,50,000 in one financial year|
|Residential status||Resident Indian citizen|
|Loan facility||Loan can be availed only between the 3rd and the 6th financial year|
|Partial withdrawal facility||Partial withdrawal facility can be availed only after completing 5 financial years|
|Mode of deposit||Cash, cheque, online fund transfers from ICICI Bank Savings Account, or fund transfers from another bank account via NEFT|
The PPF interest rate is determined by the Ministry of Finance on a quarterly basis. The current ICICI PPF interest rate for Q2 (July- Septemeber) FY 2021-22 is set at 7.1% p.a.. The PPF interest amount is fully exempted from income tax under Section 80C of the Income Tax Act.
ICICI Bank allows you tomopen PPF account in India in a complete online manner. Alternately, you can also PPF account offline.
Following are the steps of online ICICI Bank PPF account opening process:
The offline way of PPF account opening is mandatory in some cases. For example, if you are opening an account on behalf of your minor child or if you do not have online banking services activated on your account.
For offline PPF account opening ICICI Bank requires you to complete the following steps:
Following are the eligibility criteria for opening an ICICI Bank PPF account:
You can easily check your PPF account balance online as well as offline.
Following are the key features of ICICI Bank PPF account:
You can use PPF ICICI calculator to calculate your savings and keep a track of the total PPF investment made by you. To use the calculator, you hae to enter some details like he yearly investment amount, tenure (in years), and the PPF interest rate of ICICI Bank.
If you are re an existing customer of ICICI Bank, you can open a PPF account online instantly. Click the lik mentioned below to open your ICICI Bank PPF account now
Currently, the interest rate of PPF account in ICICI Bank 7.10% p.a.
Customers having a savings account and net banking facility with the ICICI Bank can access their PPF account online. However, the facility of ICICI PPF withdrawal online is not yet possible.