Public Provident Fund (PPF) Account
Looking for safe investment option with attractive returns that are fully exempted from Income Tax, then a Public Provident Fund account is the best for you. ICICI Bank Limited has been authorised by the Ministry of Finance to open PPF Account, as well as provide related services like collecting subscription amounts etc. through its designated branches.Click here to apply now.
On opening a PPF account with ICICI Bank, apart from the regular benefits of a PPF account , you also have the benefit of accessing your PPF account online. Through ICICI Bank Internet banking, you can:
Public Provident Fund Account Benefits
Public Provident Fund Scheme - Small savings with big wonders
Public Provident Fund scheme has been introduced for salaried as well as for self employed people to encourage savings habit and provide tax benefits. As compared to other small savings schemes introduced by government and by non- government institutions, Public Provident Fund scheme stands out in terms of benefits offered. This is because investment in PPF scheme falls under triple E regimen i.e. Principal, Interest and outflow all are tax exempted. The balance in the PPF account cannot be attached by any order or decree of court in respect of any debt or liability incurred by the subscriber.
Investor can invest as minimum as Rs. 500 to maximum Rs. 1,00,000 in the PPF account in one complete financial year in one lump sum subscription or in maximum 12 transactions. Tenure of PPF scheme is 15 years and premature closure of account is not allowed. After 15 years investor can completely withdraw the accumulated balance (Principal + Interest) and close the account or if investor desires to extend his PPF account, extension can be taken in a block period of 5 years for any number of times. As per PPF scheme terms and conditions prescribed by Government, an investor can avail of loan and withdrawal facility.
PPF account opening process is very simple and hassle-free. Investor can subscribe to scheme through Post Office or through banks appointed by Government (such as ICICI Bank). To open a PPF account, investor has to visit any of the banks/Post Office and submit account opening form and other documents. ICICI Bank offers an online account opening facility also.