With the new facility, ICICI customers can avoid the tedious old way of visiting a branch with heavy documents
Country's biggest private lender ICICI bank has rolled out a new facility for its customers. The bank has launched a facility that enables its customers to open an Public Provident Fund (PPF) account instantly online and in a complete paperless manner.
With this launch, ICICI customers will save time by not visiting the bank branch and will avoid a tedious paper work too. They can open up their PPF account anytime while logging on the bank's website or via its mobile app.
PPF is one of the most popular small savings schemes and currently fetches an interest rate of 7.8 per cent. One of the striking features of the PPF scheme is that the interest rate and returns it gives, are completely exempted from Tax.
Public Provident Fund or PPF is a government supported long-term investment scheme, that allows the subscriber to invest minimum Rs 500 to maximum Rs. 1,50,000 in one fiscal year and can even avail the facilities such as loan, withdrawal and extension of account.
With the latest move, ICICI Bank has become the first in the country to introduce a fully digital and paperless procedure for opening a PPF account. At present, apart from post offices, many banks, including SBI and ICICI, offer PPF facilities.
Following is the step-wise guide on how to open the ICICI online:
1. At first, the customers have to login to the bank's retail internet banking account, they need to login with their credentials in retail internet banking account section. Following which, they need to click and select 'open PPF account in My Accounts' section.
2. Customer are required to confirm and fill in details like PAN, address among others and enter initial deposit amount. They can also choose to add more money to the account.
3. Customers need to enter their Aadhaar number followed by the Aadhaar OTP to confirm online PPF account opening.
On submission of the above, the customer's PPF account is created instantly within a few seconds.
Apart from ICICI now, individuals can open the account with the branches of State Bank of India and it subsidiaries or selected branches of designated nationalised banks or at the Post Offices across the India by paying the opening account fee of Rs 100.
What documents you should have in handy?
Account Opening Form (Form A), which you can get it from any of the institutions mentioned above. A passport size photograph, Copy of your PAN card, Residence proof – Passport / Electricity Bill, Aadhaar Card.
How many accounts you are eligible to open?
An individual is allowed to have only one PPF account under his/her name.
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 "Now, ICICI customers can open PPF account instantly in an all paperless way: here's how")
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