Terms and Conditions governing applying for PPF accounts online


ICICI Bank Limited (“ICICI Bank”), has been authorized/permitted by Ministry of Finance to provide/offer certain services with respect to public provident fund account/s (“PPF Account/s”) through usage of ICICI Bank internet banking services These Terms and Conditions (the “Terms”) apply to and regulate provision of services pertaining to PPF Account/s through ICICI Bank’s internet banking services. These Terms are in addition to and not in derogation with terms and conditions /rules/regulations/notifications/directives etc governing PPF Account/s and issued by appropriate / competent authorities under The Public Provident Fund Act, 1968 (“the Act”)/ other applicable laws as available on http://www.rbi.org.in and terms and conditions applicable to ICICI Bank’s internet banking services (collectively referred to as “Primary Terms”).

All capitalized terms used herein but not defined shall have the same meaning as specified under the Primary Terms.

1. Definitions

1.1. "Customer/s" shall mean an existing customer of ICICI Bank holding savings bank account in single capacity and having valid access to ICICI Bank’s internet banking services.

1.2. "Internet Banking Services of ICICI Bank" shall refer to the services offered by ICICI Bank to the Customer including services such as enquiry about balance in the account (s), details about transaction in the account(s), statement of account, transfer of funds, bill payment and any other service as ICICI Bank may decide to provide from time to time through internet. The availability/non-availability of a particular service shall be communicated to the Customer through email, web page of ICICI Bank or in writing as may be deemed fit by ICICI Bank. Such Internet Banking may be provided by ICICI Bank directly or through its associates or contracted service providers.

1.3. "Services" shall mean services provided by ICICI Bank in relation to PPF Account/s through Website and as more specifically detailed herein under.

1.4. "Website" refers to the website owned, established and maintained by ICICI Bank at the URL http://www.icicibank.com and used for providing various products and services including Internet Banking Services.

2. Applying for PPF Account/s through Website

2.1 PPF account opening and the operations thereof shall be strictly governed by Primary Terms, these Terms, applicable laws and internal policies of ICICI Bank and may be revised from time to time.


2.2 In order to apply for PPF Account through Website, the Customer shall be required fill in the specified form as made available to the Customer through the logged in section of the Website.


2.3 Post filling in the form and providing all the requisite details/ data as may be specified therein, the Customer shall be required to take a print of the filled in form, put his/her signatures and affix a recent photograph on it and thereafter submit the complete form at any ICICI Bank branch along with the copy of the Permanent Account No. (PAN) in addition to any other details/document etc which may be required under Primary Terms. The PPF Account shall be activated only post the above referred duly signed in form, accompanied with all documents under Terms & Primary Terms, is submitted by the Customer and is duly verified by ICICI Bank to be in the form and manner specified under Primary Terms.


2.4 The Customer is permitted, under these Terms, to apply for PPF Account and avail further related services provided the Customer applies in his/her individual name only and operates singly. The Customer shall be required to be an Indian resident and should have attained the age of majority. In the event that the Customer wishes to open a PPF account for a minor, he/she shall be required to visit a designated branch of ICICI Bank and request for the desired services.

3. Other Terms and Services provided through Website in relation to PPF Account/s

3.1. The Customer shall be able to transfer funds from his/her ICICI Bank savings bank account to PPF Account through usage of Internet Banking Services of ICICI Bank. However, the Customer/s shall not be provided with FORM B/challan for funds transferred online into his/her PPF Account in the above referred manner or PPF Account opened by him/her on behalf of a minor. Form B/ challan shall be provided to a depositor only when funds are deposited in the PPF Account through a DD / PO / cheque by visiting any ICICI Bank branch or when funds are deposited in the PPF Account by cash by visiting the concerned designated ICICI Bank base branch. Such above referred transfer / deposit, whether through Website or through designated ICICI Bank’s branch, shall at all times be subject to the conditions as laid down under Primary Terms.

3.2. The Customer hereby undertakes to comply with all the specified conditions under the Primary Terms and these Terms which govern applying and operation of PPF Account/s.

3.3. If PAN is not updated or incorrect PAN is updated in Public Provident Fund (PPF) account, further deposit will not be allowed in PPF. The customer needs to visit the nearest ICICI Bank to get the PAN updated or corrected.

3.4. All other terms not specifically mentioned herein shall be governed solely by the Primary Terms. By applying for PPF Account through Website and availing Services thereof, the Customer hereby acknowledges that he / she has read, understood and accepted these Terms, Primary Terms and undertake to continue to govern and abide by such Terms/ Primary Terms.