ICICI Bank PPF Interest Rate 2024 – Open PPF Account Online

The multinational Indian bank, ICICI Bank Limited headquartered in Mumbai, offers a wide range of financial and banking services to corporate and retail customers. The ICICI bank has a network of 5,900 branches and 16,000+ ATMs all across India. It also has subsidiaries in the UK and Canada, and branches in the US, Qatar, South Africa, Hong Kong, etc. 
Besides its global presence, ICICI Bank is widely known for providing competitive interest rates on their PPF scheme. By opening an ICICI PPF account, you automatically opt for an effective deposit scheme as the returns come tax-free.

Refer to the table below to get an idea about the ICICI Bank PPF account interest rate and associated details with opening a PPF account with ICICI Bank:

What is ICICI PPF Account?

An ICICI Public Provident Fund (PPF) is a long-term investment scheme with attractive interest rates and huge tax benefits. It is backed by the Government of India and hence, safety with returns is guaranteed. Through a simple online/offline process, you can create your own ICICI PPF account today.

To understand the process of opening a PPF account, the required eligibility criteria and other PPF-related rules, keep reading ahead! Before we dive into these details, let us explore some of the distinctive features of an ICICI PPF account.

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Key Features of ICICI Public Provident Fund Account 

If you opt for a PPF account with ICICI Bank, you can unlock the following advantages:

1. It is a safe investment option which comes with assured returns with minimum risks.
2. The returns generated from this account are completely tax-free. With an amount of ₹1.5 lakhs deposited per year, the maturity amount and the annual interest earned results in reduction of taxable income. 
3. You can invest a minimum of ₹500 and a maximum of ₹1.5 lakhs every year.
4. To meet emergency scenarios, you can avail a loan against your PPF investment between the 3^rd and  6^th year.

ICICI PPF Interest Rates 

The competitive ICICI PPF interest rate associated with the PPF accounts is a major feature which makes ICICI Bank stand out as a top-choice for customers. Presently, an interest rate of 7.10 % is applicable on ICICI PPF account.

If this sounds like a good investment option, continue reading to learn how you can open your ICICI PPF account today.

How to Open a PPF Account in ICICI Online? 

Online PPF account opening in ICICI Bank has been simplified for the convenience of the customers. Follow these steps to open your PPF account online in a matter of a few minutes:

• Step 1: Log in to the ICICI Bank Portal with your credentials.
• Step 2: Go to the “My Accounts” tab and click on “PPF Accounts”.
• Step 3: Proceed to click on “Open now”.
• Step 4: Enter details like your PAN number and the bank account number from which you would like to contribute to your PPF account.
• Step 5: Type in the concerned bank branch details.
• Step 6: After verifying your data including your address, nomination data, etc., click on “Proceed”.
• Step 7: Verify your Aadhaar number. If it is already linked to your bank account, simply click on “Generate OTP”.

Note: There is an option available for e-signing in with your Aadhaar OTP and accessing the ICICI PPF account online. 

Once done, your ICICI public provident fund will be created and the PPF account number will be available for you to view.

If you prefer to open your ICICI bank PPF account through an offline channel, let us tell you how you can do so.

How to Open a PPF Account in ICICI Offline?

You can easily take the offline route to open up your ICICI bank PPF account. Here is a step-by-step guide on the same:

• Step 1: Visit your nearest ICICI bank branch to get the ICICI Bank PPF account opening form.
• Step 2: Fill out the form carefully and provide signatures wherever required.
• Step 3: Attach the relevant documents like self-attested copies of KYC documents/photographs and so on. Once done, submit it to the ICICI bank branch.

Once your account is created, you will receive a PPF account passbook which will list all the transaction-related entries made on the account.

Documents Required to Open a PPF Account in ICICI Bank 

Keeping the following documents in handy will fasten the PPF account-opening process with ICICI Bank:

1. Relevant KYC documents
2. Recent photograph
3. PAN card (Self-attested)
4. Aadhaar card (Self-attested)
5. Driving licence (Self-attested)
6. Voter ID (Self-attested)
7. Address proof (passport, utility bills and so on)
8. Duly filled out ICICI Bank PPF account opening form

Eligibility to Open a PPF Account in ICICI Bank

Now, you have to make sure that you meet the eligibility criteria required to open a PPF account with ICICI Bank. The list below mentions all such requirements.

1. You must be a citizen of India.
2. An ICICI PPF account can be opened on behalf of a minor by the mother or father (they cannot open a PPF on behalf of the same minor son/daughter).
3. Only one PPF account can be maintained by one individual, under their name (unless they are opening one on a minor’s behalf).

ICICI PPF Withdrawal Rules 

Customers are allowed to withdraw their PPF investment after the maturity which takes 15 years. However, early withdrawal from the PPF account is only allowed under certain circumstances:

1. To cover expenses for the treatment of life-threatening diseases of family members including children, parents or spouse.
2. If there are any expenses related to the account holders/minor account holders’ education.

In both cases, you must provide the necessary documents as proof of such claims. 

The investor is allowed to make partial withdrawals from the PPF account once the 7^th year is completed. Besides, ICICI Bank also allows premature withdrawals of up to 50% of the balance available in the PPF account by the end of the 4^th year.

ICICI PPF Formula and Calculation 

ICICI PPF calculator helps you stay on track with the total amount of investment made in an PPF account and the yearly returns generated from it. To calculate the total returns generated on PPF investments, ICICI Bank uses the following formula: A= P [({(1+i)^n}-1)/i]

In this case, 

• A = Amount released on maturity
• P = Principal amount invested 
• n = Period for which investment was made
• i = Interest rate (subject to change)

By using this ICICI calculator, the total  investment amount is determined. 

Let us understand this formula with the help of an example. 

Suppose you want to invest ₹1.5 lakhs for a tenure of 15 years in an ICICI PPF scheme. The maturity amount of such an investment can be calculated using the formula. 

A = 1,50,000 [({(1+7.1)^15}-1)/7.1] = ₹66,58,288.

How to Use an ICICI PPF Calculator? 

You simply have to follow 2 easy steps to use your ICICI PPF calculator for determining your interest income and maturity amount of your PPF investment successfully:

• Step 1: Type in the investment amount you plan to put into a PPF annually.
• Step 2: Watch the interest rate and tenure auto-fill into the calculator.

Subsequently, the ICICI PPF calculator will display the final maturity value of your PPF.

Steps to Check ICICI PPF Balance

Here is a stepwise guide you can follow to check your ICICI PPF balance:

• Step 1: Visit the online portal of ICICI Bank and enter your user ID and password. 
• Step 2: Access your PPF account under the “My Accounts” section.

You can then view the balance available in your online PPF account. 

How to Download ICICI PPF Account Statement?

The process is not too different from how you can check your ICICI PPF balance, explained in the section above. Once you navigate to your PPF account under the “My Accounts” section, you can then view/print your PPF accounts mini statement.

Extension of ICICI PPF Account

You can extend your ICICI PPF account after the completion of 15 years by 1 or more 5-year block periods. Here’s how to do so. 

• Step 1: Visit the official website of ICICI Bank. Alternatively, you can also visit the nearest ICICI bank branch.
• Step 2: Obtain Form H. 
• Step 3: Fill it up and submit it.

Things to Note While Opening ICICI PPF Account 

If you are ready to opt for a PPF account with ICICI Bank, here are some points you should keep in mind:

1. An individual can have only one PPF account with their name.
2. An amount of ₹500 is an initial deposit needed to be made.
3. NRIs are not allowed to have a PPF account.
4. Minors cannot have their PPF account opened via the online mode.
5. Joint-account holders similarly cannot have their PPF account created online.
6. You must visit the branch to get the passbook for your PPF account.

You must comply with all these rules to successfully go through the PPF account creation process.

How to Transfer an ICICI PPF Account? 

ICICI Bank allows customers to transfer their PPF made with the Post Office or any other authorised bank. In that case, the PPF account will be considered to be a continuing account. To transfer the PPF account, you can follow this procedure:

• Step 1: You must submit a PPF transfer request to the bank/post office where the PPF account is held.
• Step 2: The existing bank/post office sends the necessary documents, including  certified copy of the account, account opening application, nomination form, specimen signature and cheque/DD of the outstanding balance in the PPF account.
• Step 3: Submit a fresh PPF account opening form (Form A), nomination form (Form E/Form F in case of change of nomination) along with the original PPF passbook.
• Step 4: Undergo the bank KYC procedure. 

Loan against ICICI PPF 

Keeping the Indian Government PPF scheme rules in mind, a loan facility is available if you hold a PPF account between the 3^rd and 6^th financial year since the initial investment is made. The first loan is issued after 3 years from the date of investment. By the end of the 2nd year, the loan amount can be 25% of the amount you have previously invested.

Once you repay this loan, you are eligible to take a second loan before the completion of the 6th year of your investment.

Final Word

Hopefully, now you have a clear idea of the benefits of opening an ICICI PPF account and other associated details about the same. So, open up your PPF account and get access to an attractive rate on your investment made with ICICI Bank today!

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.