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Is opening a PPF account in ICICI safe?

Because ICICI is known to take hidden charges from cutomers.

If we compare a PPF account in ICICI and SBI, is there any difference?

Also in case we want to transfer a PPF account from SBI to ICICI/post office and vice versa is it a practically simple process? I know transferring is theoretically possible. But is it hassle-free or cumbersome?

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30 Answers

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1 justgrowmymoney April 30, 2012 at 7:57 pm

ICICI has just been authorized to collect PPF deposits by the Union Govt of India. The actual interest is paid by the Government itself. There cannot be additional charges levied like regular banking services incur.

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2 Parag Kumar April 30, 2012 at 8:27 pm

Thanks justgrowmymoney.

Still i have one doubt.

If we do some online transfer to PPF account, or take statements for the PPF account, do they charge anything?

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3 justgrowmymoney April 30, 2012 at 9:14 pm

No; Incoming NEFTs are all free. No bank wants to charge for that.

Statement online is free for sure. If you demand a physical statement it will be charged in general by ICICI. Not sure how they handle it for PPF.

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4 Parag Kumar April 30, 2012 at 9:22 pm

Thanks for the reply.

What about PPF account transfer from one bank to another?
Is it hassle-free or cumbersome?

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5 justgrowmymoney May 1, 2012 at 6:13 pm

I have known people transfer PPF accounts from Post office to SBI across cities. I believe the bank to bank transfer should not be cumbersome!

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6 ashal jauhari May 13, 2012 at 8:46 am

Dear Parag, please try to understand in case of PPF accounts, be it SBI, PO or ICICI or any other banks, all are merely collection agents. So in general there is no question of applying any charges. For it’s own normal banking customers, ICICI does not provides pass books like PSU banks but in case of PPF, I feel it ‘ll provide the same as it’s mandatory by GoI. So you can count this as an improvement for ICICI. :)

Thanks

Ashal

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7 Sethu August 8, 2012 at 8:07 pm

@ Ashal

I did opened a PPF in ICICI 20 days back but i was not told anything about passbook neither i received anything.All i got was just a SMS after the account was created.

So as per your words i believe its just “your” understanding and not a mandatory rule on ICICI to issue passbooks.

Guys who opened PPF in ICICI – please comment if you have recevied any passbook or similar to that.

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8 Ramprakash August 8, 2012 at 11:04 pm

Hi

I opened a PPF account with ICICI in April this year.
The process of opening is very easy. Transferring money online to PPF is also very easy. Its just like transferring to any other bank account. Nothing different. I haven’t got any passbook from ICICI and its been close to 4 months now.

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9 Ashal Jauhari August 8, 2012 at 11:56 pm

Dear Sethu, I’m reproducing below some content from the PPF rule book for the passbook thing. I do hope it answers your query.

Quote –
” On receipt of an application under sub-paragraph(1), the Accounts
Office shall open an account in the name of the subscriber and issue a pass
book to him, wherein all amount of deposits, withdrawals, loans and repayment
thereof together with interest due shall be entered over the signature of the
Accounts Officer with the date stamp.”

Unquote-
From the above thing, you may notice that providing passbook is compulsory in PPF rule book & the same rules applies to ICICI also.

Thanks

Ashal

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10 Sethu August 9, 2012 at 9:13 am

@Ashal – thanks

I would check with ICICI one more time.

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11 chilli16 August 11, 2012 at 4:12 pm

update from official site:-

its based on written request

3.3. Passbook shall not be made available to the Customer/s for PPF Account/s which are applied for and operated through ICICI Bank Internet Banking Services. However, the Customer shall be able to view his/her transactions through his/her statement of accounts available online on the Website. In the event, i Customer wishes to have a passbook for the PPF Account applied for through ICICI Bank Internet Banking Services, he/she shall be required to put in a written request for the same at the designated base branch where PPF Account is/has been opened as per ICICI Bank’s policy / process/Primary Terms.

http://www.icicibank.com/online-services/public-provident-fund/terms-and-conditions.html

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12 Saurav Kataruka August 19, 2012 at 12:30 pm

@Sethu, Ramprakash, Ashal, chilli16

All who are already using the online ICICI ppf, I have some specific query:

What kind of statement is available for the PPF account online? Can we download a pdf statement only for the PPF account? Does the statement mentions it as PPF account?

I am asking for proof submission to employer.

I have a ICICI savings account. The designated PPF branches in my city are far from my home so getting a passbook and getting it updated everytime will not be feasible. Also, I stay out of station often and would not want to rely on physical passbook updation from base branch.

The statements for other accounts in icici in pdf format available online is kind of a consolidated statement of all accounts, FDs. We can download text/excel format statement for each account but that does not mention the details of the account (type) etc.

I think a printout of proper pdf statement of PPF account will be enough for tax proof. But it should mention somewhere that the statement is of a PPF account.

Existing users – Request you to check and clarify on the same. It will be great if someone can take a screenshot of the PPF e statement (omit/shade personal details) and share.

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13 Karthik August 19, 2012 at 2:01 pm

I have recently opened my PPF a/c with ICICI. Unfortunately there is no proper statement format available for the PPF account. The excel format of detailed statement does not provide the account type as PPF (no PDF statement is available). So, it would be tough to show a 80c proof. I hope ICICI will soon provide a solution.

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14 Saurav Kataruka August 19, 2012 at 2:26 pm

Can you try with the “e-statement (new)” option available in ICICI net banking on Top right corner of NetBanking page. That gives a PDF statement (I have checked for normal accounts though). Plz check if that gives a proper statement for PPF.

I think this is a genuine issue. The major point of having an online PPF for me is – Even if I am not in my home city I should be able to submit funds in the account and submit a proof to my employer as well. If it requires to visit the base branch to get passbook updated to be able to get a 80c proof – No point of having an online account.

I am yet to open a PPF account and these are the reasons I am hesitating as I am in a kind of job, where I may have to be outstation or even abroad anytime.

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15 Karthik Mani August 19, 2012 at 2:29 pm

I tried that way also. That PDF statement option is showing only my Savings a/c and Current a/c. PPF account or my FD accounts are not listed there.
Since my 80c is covered by my EPF and home loan Principal, I was not worried about this. But definitely it would be a problem for others. Can you raise this to ICICI?

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16 Saurav Kataruka August 19, 2012 at 2:38 pm

Thanks for checking.

1) I don’t yet have a PPF account with ICICI. So me raising this won’t be entertained I guess.
2) I don’t think they will provide a solution on one or two complains. It obviously will require some technology to be implemented in their net banking.

It would be great if you can contact ICICI for this asking how can I get a proper statement of the PPF account. As you don’t really need it, you can say that you are out of station and cannot visit the base branch. Let’s see what solution they provide. :-)

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17 Saurav Kataruka August 19, 2012 at 2:41 pm

BTW, if anyone is having a PPF account in SBI linked to internet banking, can you plz confirm if the same is possible in SBI, i.e to get a proper statement which can be used as a 80c proof.

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18 Ashal Jauhari August 19, 2012 at 4:52 pm

Dear Saurav, in case of SBI, the Passbook of PPF is available.

Thanks

Ashal

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19 Saurav Kataruka August 19, 2012 at 8:24 pm

@Ashal

Thanks for your reply

I know SBI provides Passbook but that doesn’t solves my problem. As I said, I might have to be outstation or even abroad and that might well be during the time I need to submit tax proof to employer. So, getting a passbook updated from base branch physically will not be possible. That is why I need a proper e statement which at least states that the account is PPF. That should be sufficient as a tax proof. In ICICI, that is not possible as Karthik explained above.

This is the main reason I haven’t opened a PPF account yet. Have been planning to open one for the last 2 years. :(

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20 Ashal Jauhari August 20, 2012 at 12:17 am

Dear Saurav, I do not have PPF with ICICI but I assume, if you contact Cust. Care of ICICI, you may get the statement in your mail box.

Thanks

Ashal

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21 curiousraj February 26, 2014 at 4:20 pm

I am also regretting having a PPF Account in ICICI Bank after I came to know about features provided in internet banking of SBI are very good as compared to ICICI. you don’t need to visit SBI branch as using onlinesbi you can get statements. Moreover unlike ICICI statement generated using onlinesbi contains all relevant details like your name, address, account type, interest rate etc. and it is in pdf format so no worry. I am going to apply for transfer of PPF from ICICI to SBI very soon and would write a blog about the same on curiouslogic.in. I have written about comparative features of ICICI and SBI PPF here: http://curiouslogic.in/2014/02/how-sbi-ppf-is-far-better-than-icici-ppf/

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22 Pradipto Moitra November 10, 2012 at 5:48 am

Great initiative guys and some of the details covered here are really helpful .

I have just opened up a PPF a/c through ICICI and I got the SMS confirmation and I can see the a/c as well in the Online Login section for my main ICICI S/B A/c however the issue I am facing is with the Transfer to PPF a/c from my ICICI S/B main A/c Online as when it requires the option select the S/B a/c I don’t see anything selectable.
Maybe it’s just newly created so the issues and I have asked ICICI to look into it as the branch confirmed to me that PPF a/c creation and linking is complete, however just wondering if any of you have faced an issue like this as well?

More details of the issue can be found here:-

https://skydrive.live.com/view.aspx?cid=AC90F2CDB394D9E7&resid=AC90F2CDB394D9E7%21118&app=Word

Regards,
Pradipto
:)

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23 Saurav Kataruka November 10, 2012 at 3:09 pm

Dear Pradipto,

I hope your problem gets resolved soon. This seems to me to be your account specific issue.

I would like you to get me some information. Can you check in your online account if you are able to get a PDF or any other kind of statement for your PPF account? And does that statement mentions it clearly as a PPF account so that it can be used as a tax proof?

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24 Pradipto Moitra November 13, 2012 at 12:26 am

Thanks Saurav,

I can’t get any PDF statement as it shows no transactions as of yet but it does show as PPF a/c:-
Screenshot below:-

https://skydrive.live.com/?cid=AC90F2CDB394D9E7&id=AC90F2CDB394D9E7%21126

I am following up with ICICI for the transfer problem and they normally fix issues quick not sure what is taking so long for the PPF a/c however.

Will keep the post updated.

Regards,
Pradipto
:)

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25 Pradipto Moitra November 23, 2012 at 8:51 am

Hi Saurav,

Finally, after a long chain of emails/calls with ICICI they have fixed the web issue from their end that was not allowing Online Transfer from ICICI S/B A/c == > PPF.
This surely has taken the longest time that I can recollect with them, normally they fix within a week.

Prad,
:)

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26 Saurav Kataruka November 23, 2012 at 1:35 pm

Thanks for the update Pradipto

Can you plz check if it is possible to take a valid statement printout for your PPF account which mentions that it is a PPF account and which can be submitted as a tax proof to employer.

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27 Pradipto Moitra November 29, 2012 at 8:32 am

Hi Saurav,

Not Sure, if Printout of PPF A/c statement can be obtained like we can get for ICICI S/B a/c which comes to email or via Online option as well, however the a/c clearly shows as PPF a/c online and the Details of all transaction show as well and the printout for this can definitely be taken.

So, I am supposing this should suffice for Tax purposes however my company instructions haven’t been released yet for such a submission so not sure.
In any case I think it would be a good option to apply for the PPF PassBook from the Bank Branch it has been opened, as ICICI doen’t provide that by default and one has to apply written for it, and I missed this part as well when I opened up the a/c. It’s in Kolkata and I am in Gurgaon so would do that when I go back.
In case your Branch is close, I would say don’t take chances, apply for the PassBook in written……. :)

Regards,
Pradipto
:)

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28 dhiva December 1, 2012 at 8:00 pm

Hi All,

I would like to open a PPF account say in this week end dec 2012.
Does it comes under 2012-2013 financial year .
Or can i open the same in 2013 say somewhere in March .
Could you please suggest ideas ?

Thanks
Dhiva

Reply

29 Deba1234 January 12, 2013 at 4:03 pm

@Dhiva,

any investment done by Feb would fall under the financial year.
if you submit through tax proof through your employer, check the last date with them.
Else while filing return any investment done by march will be counted towards the saving on the financial year.

Reply

30 curiousraj February 23, 2014 at 9:34 am

SBI has lots of features which are missing in case of ICICI. In ICICI you can’t even generate meaning full statement online(It does not contain your name, address and a/c type). Even statement generated from ICICI branch does not mention a/c type. Moreover you can’t set a monthly option of online transfer in case of ICICI. Here is a complete comparison of features provided by ICICI PPF vs SBI PPF: www.http://curiouslogic.in/2014/02/how-sbi-ppf-is-far-better-than-icici-ppf/

Reply

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