ICICI PPF Account

The PPF interest rate is determined by the Ministry of Finance quarterly. The current ICICI PPF interest rate for Q1 (April- June) FY 20225-26 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 to open a PPF account in India in a completely online manner. Alternately, you can also PPF account offline.

The following are the steps of the online ICICI Bank PPF account opening process:

• Existing ICICI Bank customers can open an ICICI Bank PPF account online instantly.
• Sign in to your ICICI account using your ICICI Bank online banking credentials.
• Choose the ‘online PPF account opening’ option during login.
• Fill out and confirm requisite details on subsequent pages, including your PAN number, Aadhaar number, nominee details, etc.
• Make the initial deposit required to open your ICICI Bank PPF account using the bank’s online banking system.
• Visit your nearby ICICI Bank branch if any documents need to be submitted.
• Once your online ICICI Bank PPF account is active, you can collect your PPF account passbook from the ICICI Bank branch.

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:

• Download the ICICI PPF account opening Form A from ICICI Bank’s website or visit your nearby ICICI Bank branch to get a form.
• Fill in the form completely and provide signatures on the appropriate spaces.
• Attach self-attested copies of required KYC documents and photographs with the filled form and submit them at the nearby ICICI Bank branch.
• It is advised to carry original copies of all relevant KYC documents for verification purposes.
• Once the PPF account has been opened, you will get your ICICI PPF account passbook with all entries of transactions made on the account.

The following are the eligibility criteria for opening an ICICI Bank PPF account:

• Only resident Indians can open an ICICI Bank PPF account.
• Non-Resident Indians (NRIs) cannot open a new ICICI Bank PPF account. However, if they have a PPF account opened before becoming an NRI, such an account can be continued till maturity.
• There is no specific age limit for opening a PPF account in ICICI Bank.
• Joint holding of the ICICI PPF Account is not allowed as per existing rules.
• Hindu Undivided Family (HUF) is not permitted to open or operate a PPF account.
• You can open and operate a minor PPF account if you are the parent/guardian of the minor child. 
• The number of minor accounts is limited to one for each minor child.

You can easily check your PPF account balance online as well as offline.

• You must link your ICICI Bank savings/ current account with your ICICI PPF account (if not done already) to check your ICICI Bank PPF account balance online. 
• You must have internet/mobile banking services activated for your ICICI account.
• You can log into your ICICI net banking account with your net banking/ mobile banking credentials to check your PPF account balance instantly online.
• You can update your PPF passbook at the nearby ICICI Bank branch to check your PPF account balance offline.

The following are the key features of the ICICI Bank PPF account:

• ICICI Bank PPF account interest rate is 7.1% and is fully exempted from income tax under Section 80C of the Income Tax Act.
• It is a great long-term investment option with a tenure of 15 years.
• The minimum amount to be deposited is Rs. 500, and the maximum deposit amount limit is Rs. 1,50,000 in one financial year.
• Deposits should be in multiples of Rs. 50.
• The loan against PPF facility can be availed between the 3rd and the 6th financial year.
• Partial ICICI PPF withdrawal facility can be availed after the completion of 5 financial years from the date of account opening.
• There is an option of extending the PPF investment tenure by a block period of 5 years after the maturity date.
• PPF deposits can be made through cash, cheque, online fund transfers from an ICICI Bank Savings Account, or fund transfers from any other bank accounts via NEFT.

• The minimum yearly deposit required for keeping your ICICI PPF account operational is Rs. 500.
• You can deposit a maximum of Rs. 1.5 Lakhs in a year.
• The maximum number of deposits that can be made annually in the ICICI PPF account is capped at 12. However, the total value of such deposits must not exceed Rs. 1.5 Lakhs.
• You make a partial withdrawal of the ICICI PPF account balance after 7 years. 
• The maximum premature withdrawal amount is calculated at 50% of the clear balance in your ICICI PPF account in the year preceding the withdrawal.
• You can avail the loan against PPF facility from ICICI Bank only from the 3rd year to 6th year, calculated from the date of account opening.
• You have to provide KYC documents at the time of opening an 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.