Hello,

Guest!

ICICI PPF Account

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.

Updated:

ICICI PPF Account Details

Interest rate7.1% p.a.
Tenure15 years
Minimum deposit amountRs. 500 in one financial year
Maximum deposit amountRs. 1,50,000 in one financial year
Residential statusResident Indian citizen
Loan facilityLoan can be availed only between the 3rd and the 6th financial year
Partial withdrawal facilityPartial withdrawal facility can be availed only after completing 5 financial years
Mode of depositCash, cheque, online fund transfers from ICICI Bank Savings Account, or fund transfers from another bank account via NEFT

ICICI PPF Account Interest Rates

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 PPF Account Opening

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:

  • Existing ICICI Bank customers can open ICICI Bank PPF account online instantly.
  • Sign into 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 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 originals copies 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.

Additional Info: Check ICICI Bank Insta OD.

ICICI PPF Account Eligibility

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 prior to becoming 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 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.

Check PPF Account Balance

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.

ICICI PPF Account Features

Following are the key features of 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.
  • 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 that can be made through cash, cheque, online fund transfers from ICICI Bank Savings Account, or fund transfers from any other bank accounts via NEFT.

ICICI PPF Account Rules

  • 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 partial withdrawal of 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 during the time of opening an ICICI Bank PPF account.

ICICI PPF Calculator

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.

ICICI PPF Account FAQs

Can we open an ICICI PPF account online?

image

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

What is the benefit of a PPF account in ICICI?

image
  • Online fund transfers from ICICI savings account linked with your PPF account.
  • A standing instruction facility ensures regular investments on time.
  • There is an option to view your PPF account statement online.
  • ICICI PPF returns are fully exempted from tax. 

What is PPF rate in ICICI?

image

Currently, the interest rate of PPF account in ICICI Bank 7.10% p.a. 

Can PPF withdrawal online ICICI?

image

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.