ICICI PPF Account opening is an easy and quick process. With benefits like complete tax exemptions on the returns and PPF being a long-term government initiated scheme, authorized banks provide PPF account opening schemes. ICICI Bank is one amongst those banks who have been given the authorisation by the Ministry of Finance to allow customers to open a PPF account.
General Benefits of PPF account
A Public Provident Fund Account has many benefits for an individual who has opened an account. The generalized advantages of the scheme are as follows:
- Good and almost constant interest rates.
- A beneficial long-term investment option for a smooth retirement.
- Low minimum initial investment.
- Complete exemption from Income Tax under Section 80C.
Eligibility Criteria to Open A PPF Account At ICICI Bank
There are few set norms regarding a PPF account for all authorized banks. ICICI bank also has the similar rules. They are as follows:
- Only Indian citizens can open a PPF account.
- An individual can have only one PPF account.
- A PPF account can be opened for a minor by parents or legal guardians. Grandparents cannot open a PPF account for a minor grand-child if they are not the remaining guardians.
Documents Required To Open A PPF Account At ICICI Bank
ICICI Bank requires certain documents related to opening a PPF account for individuals. These documents are to be submitted as a formality and proof while applying for initiating a PPF account. Given below are the set of documentation required for individuals who wish to open a PPF account.
For individuals having less than five years of transactions with ICICI Bank:
- Submission of a filled Form A (Form for PPF Application)
- Recent passport sized photographs
- One copy of your PAN card.
For individuals having greater than or equal to 5 years of transactions with ICICI Bank:
- Form A filled with required details.
- Recent passport sized photographs.
- One copy of PAN Card.
- Any residential proof document.
PPF Account Benefits for ICICI Bank Account Holders
There are certain benefits that can be availed by individuals who have opened a PPF account in ICICI Bank. They are as follows:
- Funds can be transferred easily to a savings banks account which is linked to PPF Account.
- Sends regular updates and instructions to ensure that an individual invests at the right time.
- An online portal is made available to view PPF account details.