ICICI Bank is the only private bank in India, which has got permission from the government to operate PPF account. This service can be rendered exclusively through the internet banking by ICICI Bank. As this service was only given either by government post offices and State Bank of India, induction of ICICI Bank to provide service in this kind of valuable category is a historical step in the history of banking.
Let’s see some of the important things regarding opening of PPF account in ICICI Bank below:
Highlights of PPF account by ICICI Bank
- First of all, you need to possess a savings bank account and that must have netbanking facility. It implies the bank needs to have extended all sorts of facilities available under internet banking facility by the bank.
- By the term website, it only means icicibank.com which is the only website of the bank.
How can you apply for the PPF account through the website in ICICI Bank?
- The opening of the PPF account is strictly managed by the terms and conditions, which are decided and changed from time to time by ICICI bank. The bank reserves the exclusive rights to sanction PPF account to the applicants.
- You can only access the application form for PPF account only when you are only logged in as a customer of the bank and click on ‘PPF account’ located on left hand side as shown below:
- You can get the copy of the filled in application with your requite details and other paraphernalia and with the print of it, attach a photo to this. Give a photocopy of your PAN card and submit at the branch, where you have the account.
- The bank can only activate your account after thoroughly vetting all the personal documents and application form that you have submitted with it. It can also ask for any other document in case there is requirement.
- You need to be a resident of India and must have attained the age of majority to apply for this.
Few other norms that you need to know for applying for PPF account
- As a PPF account holder, you will only transfer money from your account to PPF account only by logging into the personal net banking in the website and there the transfer of money can only take place.
- ICICI bank does not give you the passbook for PPF account. However, you can only receive one only after submitting a written request at the branch, where you have opened the PPF account.
- Once you have opened a PPF account, it only implies you have read and understood the terms and conditions imposed by ICICI Bank.