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ICICI Bank PPF

PPF account in ICICI Bank

Last Updated 16th Jun 2021

  • The ICICI Bank PPF account is a government-backed saving scheme that provides attractive returns along with the safety of funds.
  • You need to invest a minimum of ₹ 500 in your ICICI Bank PPF account and can deposit upto ₹ 1.50 Lakh in a financial year.
  • PPF account interest rates are determined quarterly. Currently, PPF Interest Rates is 7.10%.
  • You can open a PPF account in ICICI Bank by getting Form A from the ICICI Bank or downloading it from the official website.
  • ICICI Bank PPF accounts can be opened by any Indian resident above the age of 18 years.
Calculate PPF Maturity Amount @ 7.10%

ICICI Bank PPF

ICICI Bank Public Provident Fund is a government-backed saving-cum-tax-saving investment instrument scheme to save money in the long run. It is an Exempt-Exempt-Exempt scheme, where the principal amount, interest earned and the amount received at the end of maturity period are not taxable in India. To open a PPF account, you need to deposit ₹ 100 in your account through cash or cheque facility.

ICICI Bank PPF Interest Rate

The interest rates on ICICI Bank PPF are changed quarterly and currently, the interest rate on PPF is 7.10%. For the last few quarters, ICICI Bank PPF interest rates have been mentioned below:

Quarter Interest Rate
1st October, 2020 - 31st December, 2020 7.10%
1st July, 2020 - 30th September, 2020 7.10%
1st April, 2020 - 30th June, 2020 7.10%
1st January, 2020 - 31st March, 2020 7.90%
1st October, 2018 - 31st December, 2018 8.00%
1st July, 2018 - 30th September, 2018 7.60%
1st April, 2018 - 30th June, 2018 7.60%

Procedure to Open PPF Account in ICICI Bank

You can open a PPF account in ICICI Bank by visiting the nearest ICICI Bank or online by following the below-mentioned procedure:

  • Firstly, visit the official website of ICICI Bank.
  • Now, log in by entering your login credentials such as user name and password.
  • Next, find the option to open a New PPF Accounts’ option, and you will be redirected to the ‘New PPF Account’ page.
  • Enter the bank account number to contribute to PPF account and PAN number.
  • Provide bank branch details and other required details.
  • Now, verify your personal details such as address and nomination data and click on ‘Proceed’.
  • Finally, your PPF account is created, and you will be able to see the account number of PPF is displayed.
  • Under the tab ‘Print PPF Online Application’ print the PPF opening form and visit the branch with essential documents.

Loan facility against ICICI Bank PPF Account

Any individual who has invested in a ICICI Bank PPF account is eligible to avail a loan against the PPF account at the end of the 3rd financial year. The loan against PPF account needs to be repaid at the end of 6th fiscal year within 36 months. For instance, if you opened the PPF account in a ICICI Bank in the financial year 2018-2019, you can avail the loan against PPF account on 1st April 2020, and the same need to be repaid on 31st March 2023.

  • The rate of interest on loan against ICICI Bank PPF accounts is 2% above the interest received on the PPF. Presently, the interest rate on ICICI BankPPF accounts is 7.10%.
  • If the investor does not repay the loan within 36 months, the rate of interest on the loan against the PPF account will be 6% extra interest than regular interest.
  • The loan against PPF account can be availed upto 25% of the balance at the end of 2nd financial year.

Features of ICICI Bank PPF account

Some of the key features of ICICI Bank PPF account are as mentioned below:

  • ICICI Bank PPF account can be opened by depositing ₹ 100 through cash or cheque. In case, the money is deposited through cheque the date of cheque realisation is the date of opening of the account.
  • To keep your PPF account active in ICICI Bank, you need to deposit a minimum of ₹ 500 in your PPF account. You can deposit upto ₹ 1.50 Lakh in a financial year.
  • The lock-in period of the ICICI Bank PPF account is 15 years, which can further be extended in a block of 5 years.
  • The funds in a ICICI Bank PPF account can be deposited as a lump-sum payment or in monthly instalments.
  • Under Section 80 C of the Income Tax Act, individuals can get tax deductions upto ₹ 1.50 Lakh on the principal amount in a financial year. Further, there is a tax exemption on both interest received and the amount received at the end of the maturity period.
  • You can also avail a loan against your ICICI Bank PPF account after the 3rd financial year of opening the account.
  • A PPF account in ICICI Bank cannot be opened jointly.

Eligibility to Open a ICICI Bank PPF account

Individuals can open a PPF account in ICICI Bank if they meet the following eligibility criteria:

  • Any individual who is an Indian resident and works in a private or govt company or is self-employed or belongs to any other category can open a PPF account in a ICICI Bank.
  • There is no age cap on opening a PPF account in ICICI Bank
  • You can open only one PPF account in a ICICI Bank.
  • A PPF account cannot be opened by Hindu Undivided Family or Non-Resident India. In case an NRI opens a PPF account while residing in India, the same can be continued for 15 years.
  • PPF accounts can be opened in the name of child by either the father or the mother. In case of the death of either of them, the minor cannot continue with the account and money will be refunded.

Documents to Open a ICICI Bank PPF account

To open a PPF account in ICICI Bank, you would require to submit the following documents:

  • Duly filled PPF Account Form A
  • Self-attested copies of Identity proof: Aadhaar, PAN, Voter’s ID, Driving License
  • Address proof: Passport, Aadhaar, Electricity Bill,
  • Passport Size photographs
  • Signature proofs

FAQs

Can we open a PPF account in the ICICI Bank?

Yes, you can open a PPF account in the ICICI Bank. To open a PPF account, you need to deposit ₹ 100 in your account and need to deposit a minimum of ₹ 500 in a financial year to keep your account active.

What is the benefit of a PPF account in the ICICI Bank?

ICICI Bank PPF account provides assured long term returns along with tax benefits. Investors can invest in a PPF account in a ICICI Bank. As it is a government-backed scheme, therefore funds invested in your PPF account are secure.

How can I get maximum PPF benefit?

To maximise returns from funds invested in a PPF account, you must contribute in your account between 1st and 5th of every month. It is because the interest is calculated on the minimum balance of the account before the 5th of every month.

Will tax be added on the interest accrued in a PPF account?

No, PPF is an Exempt-Exempt-Exempt investment scheme, that means that the investor does not have to pay any taxes on the principal amount, interest accrued, and the amount received at the end of maturity period.

How can I check my PPF balance in the ICICI Bank?

PPF balance can be checked offline through the passbook provided at the time opening ICICI Bank PPF account.


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