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Features of PPF Account

PPF Opening and Management Icon

Opening and Management

Individuals can open a PPF Account for themselves or on behalf of a minor or someone of unsound mind for whom they are the guardian. Each person can only have one PPF Account. The scheme does not allow the opening of Joint Accounts.

PPF Deposits Icon

Deposits

A minimum deposit of Rs 500 and a maximum of Rs 1,50,000 can be made in a financial year. Deposits can be made as a lump sum or in multiple instalments throughout the year, offering flexibility in managing contributions.

PPF Interest Rate Icon

Interest Rate

The PPF Account offers an attractive interest rate, which is compounded annually. The rate is set by the government and is higher than regular Savings Accounts, promoting growth over time.

PPF tax benefits Icon

Tax Benefits

Contributions to a PPF Account are eligible for Tax deductions under Section 80C of the Income Tax Act, up to a limit of Rs 1.5 lakh per year. The interest earned on the PPF Account, and the maturity amount are exempt from Tax, making it a Tax-efficient investment option.

PPF lock in period Icon

Lock-In Period

The Account has a lock-in period of 15 years, promoting disciplined long-term savings. Partial withdrawals are allowed after the completion of five full financial years from the date of opening of the PPF Account, providing some liquidity in times of financial need.

More reasons to choose ICICI Bank’s PPF Account

Assured returns with PPF Icon

Assured returns with low risk

Invest in a safe option and get assured returns

PPF - Completely tax free Icon

Completely tax free

Amount deposited upto Rs. 1.5 Lacs a year, interest earned yearly & maturity amount is tax free

Save small and build wealth with PPF Icon

Save small and build wealth

Build wealth over years by saving as small as ₹500 & maximum of ₹1.5 Lacs in a year

Loan against PPF Icon

Loan against PPF

In an emergency? Avail loan against PPF between 3rd to 6th year

Eligibility Criteria for a PPF Account

Here are the eligibility criteria for a PPF Account: 

1. To open a Public Provident Fund (PPF) Account, you must be a citizen of India. Both adults and minors can have a PPF Account, however, individuals can only open one Account in their name.

2. Parents or guardians can open a PPF Account on behalf of a minor child. 

3. Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open PPF Accounts.

4. The maturity period is 15 years.

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    Want to transfer your PPF account to ICICI Bank?

    PPF account can be transferred from one authorised bank or Post office to ICICI Bank.

    At the existing bank/post office

    1. Submit PPF transfer request.

    2. The bank/Post office will send the following original documents:

    • Certified copy of the account

    • Account opening application

    • Nomination form

    • Specimen signature etc.

    • Cheque/DD of outstanding balance in the PPF account to ICICI Bank

    At ICICI Bank

    1. Customer will be informed about receipt of transfer of documents

    2. Customer is required to submit the following:

    • Fresh PPF account opening form (Form A)

    • Nomination form (Form E / Form F in case of change of nomination)

    • Original PPF passbook

    • Fresh set of KYC documents

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    Importance of Public Provident Fund


    The Public Provident Fund (PPF) Scheme is well-known for its Tax advantages under Section 80C of the Income Tax Act. A PPF Account is a popular long-term savings and investment option in India for any Indian citizen.

    Here is why it is important:

    1. Financial Security: It ensures a secure financial future, bringing a disciplined approach to long-term savings. Over time, those that consistently contribute can build a substantial corpus.

    2. Wealth Accumulation: This scheme makes it easier for wealth to grow steadily. Compounding growth over the long term can significantly boost your total savings and provide a substantial return on investment.

    3. Encourages Savings Habit: Regular contributions to a PPF Account motivate investors to put money aside, enhancing financial stability. PPF Accounts have a lock-in period of 15 years, which encourages a savings habit.

    4. Tax Benefits: The returns earned on a PPF Account are non-taxable, making it one of the most sought-after investment choices for people looking to accumulate wealth without Tax implications.

     

    PPF Withdrawal & its Rules

    1. Withdrawal is allowed after 6 years from the end of the year in which the Account was opened.

    2. You can withdraw up to 50% of the balance at the end of the 4th year preceding the year of withdrawal or the end of the preceding year, whichever comes before.

    3. Only one partial withdrawal is allowed per year.

    PPF Lock-In Period

    PPF has a lock-in period of 15 years, and you cannot fully withdraw your investment before this term ends. This long-term commitment encourages disciplined savings and helps build a substantial corpus over time.

    However, partial withdrawals are allowed after 5 financial years, and you can take a Loan against your PPF balance after the 3rd year. The lock-in period makes PPF an excellent tool for long-term financial goals like retirement planning or funding your child's education.

    Public Provident Fund FAQs

    When can I view my PPF account online?

    PPF account can be viewed online post 24 hours from the time of account opening.

    What is the maximum Standing instruction period?

    A standing instruction can be set for 15 years or till the maturity of PPF account.

    Can I get tax benefit on my PPF investment?

    Tax benefits can be availed under section 80C for the amount invested. The interest accrued is tax free.

    Can a standing instruction be set while opening an online PPF account?

    Yes. Standing instruction can be set while opening an online PPF account.

    Is setting a standing instruction mandatory while opening an online PPF account?

    No. Customers can open an online PPF account without setting any standing instruction.

    Can NRI’s open a PPF account?

    No. A PPF account cannot be opened by NRI’s.

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