Open PPF account in ICICI Bank – Few Points you cant miss !

POSTED BY manish ON December 4, 2012 COMMENTS (175)

Do you want to open PPF account in ICICI Bank ? Yes Its possible now. Few months back, ICICI started the facility of PPF account. The way it was advertised was “Online PPF” , but it mainly meant that you can deposit and maintain your account online. While you can also apply for the PPF account online, still you need to provide them the documents physically. In this article we will look at how to open Public Provident Fund account in ICICI Bank.

Open PPF account in ICICI Bank

Can you open PPF account in any ICICI Branch ?

No , you can not open PPF account in any ICICI Branch . For each city, there are special designated branches for opening PPF account. You will have to open the PPF account there, here is the list of those designated braches . Note that you need to have a ICICI Bank account before you open the PPF account in ICICI, however the account can be in any branch of ICICI .

Documents required for opening the PPF account in ICICI Bank ?

Case 1 : For customers who have a relationship with ICICI Bank that is < 5 years.

  • Form A
  • Passport size photograph
  • Copy of PAN card

Case 2 : For customers who have a relationship with ICICI Bank that is > 5 years

  • Form A
  • Passport size photograph
  • Copy of PAN card
  • Residence proof – Passport/ Electricity Bill

In case 2 , the additional Residence Proof must be required mostly because if the customer is quite old, his address must have got changed. Note that if you do not have a ICICI Bank account already, you will have to first open an account , in which case you will fall into case 1

How to transfer your existing PPF account to ICICI Bank account ?

As per the PPF scheme of the Government, subscribers can transfer their PPF account from one authorised bank or Post office to another (Check detailed article on how to transfer a PPF account from Post Office to SBI bank) . In such a case, the PPF account will be considered as a continuing account. To enable customers to transfer their existing PPF accounts to ICICI Bank, the following process must be followed.

  • The customer approaches the bank or the Post office where his current PPF account is held and makes an application for transfer of PPF account to ICICI Bank’s branch.
  • Once the application is processed, the existing bank/Post office arrange to send the original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. to ICICI Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF account.

Once transfer in documents are received at ICICI Bank branch, customers are required to submit fresh PPF account opening form (Form A) and Nomination form (Form E/ Form F in case of change of nomination), along with their original passbook . Also customer is required to submit a fresh set of KYC documents.

You will not get PPF passbook in ICICI bank by default

This is something interesting I found which was getting discussed on our jagoinvestor forum . Looks like by default ICICI bank does not provide a PPF passbook when you open it. If you really need it, you will have to give a written request and only after its processed it will be given. Under its PPF terms and conditions its mentioned that

 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.

However, if you mostly do all the transactions online, the Passbook point is not that big thing to reject the idea of opening PPF account in ICICI bank.

Conclusion

PPF account was always opened at SBI bank or Post Office by maximum people and ICICI bank is the new player in this field. Only time will tell about their services and how they handle this PPF service. However overall for netsavvy investors who already have a ICICI bank account, seems like its a good option and which can be acted upon faster. Now you need to take your decision. Let us know if you will open a PPF account in ICICI bank or not ?

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175 replies on this article “Open PPF account in ICICI Bank – Few Points you cant miss !”

  1. suresh says:

    Hi,
    Can I open a PPF account linked to my salary account?
    I went to ICICI bank, and they told to open a linked account for PPF. Is it really required?

    1. No , its not mandatory , open it only if you need it

  2. Jaideep says:

    Hi Can the guardian of my child’s minor account be changed? I have been pursuing this query with ICICI Bank since the last 1 month. I am still awaiting confirmation of the rules.

    Please can you advise.

    1. I am not sure on this . At the account opening time you mention it and I believe it can be changed only in extreme cases .

  3. Senthil T says:

    One more point in ICICI, if I have a savings account with ICICI, then I can open a PPF account for myself, but if I want to open an PPF account for my daughter (2 years old), they say its not possible to open an PPF account for her and link it to my account.

    Instead I should first open a Kitty / Minor account in ICICI and only then I can open a PPF account for my daughter.

    Not sure if this is same for other banks as well.

    Regards,
    Senthil

    1. Well there is no rule like that, but it might be just a sales pitch . But I think what they say is a good idea anyways ! .. Whats stopping you to not open an account for her..

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  5. Shivnath says:

    Hi,

    I have a PPF A/C with SBI. I think you are require to visit the branch only once for your documentation. Rest you can carry the the entire transation by Netbanking . There is no problem as of now. I can even take the PDF print out and submit it for IT Return.

    Everyone should have a PPF A/c as it gives you 100% exemption under Section 80C of IT Act.

  6. Rajnish says:

    I am listing here why you should not open a PPF A/C in ICICI if you have an SBI A/C.

    1. In SBI it is avalaible in almost every branch but in ICICI it is available in only few branches. For Delhi NCR it is only there in Cannaught Place Branch.
    2. It is one hour work or more in SBI but in ICICI it will take almost 15 days (No Idea about branches which have themselve PPF A/C facility)
    3. you will get a passbook in SBI but you won’t get the same in ICICI
    4. you can add PPF as an beneficiary A/C in SBI and set the repeat transfer option. But you can’t do the same for ICICI. In ICICI you can add only Saving Bank A/C not PPF A/C.
    5. you can generage statement online in SBI, you can generate the same in case of ICICI as well but it will be of no use as it will not mention the type of A/C
    6. you can get statement on your passbook in SBI, you can get the same in case of ICICI as well but again it will be of no use as it will not mention the type of A/C
    7. SBI PPF Statement mention your address, Bank Branch, Type of Account, interest rate etc. But ICICI PPF will have only A/C number and no Branch detail, no Type of A/C and no Address, no Interest rate. Moreover not in PDF Format.
    7. In case of death of A/C holder passbook can be found at home so nominee can apply for withdrawal. But for ICICI no one would remeber if A/C holder doesn’t remind it time and again to family members
    8. Even if you get passbook after applying to ICICI bank, in the passbook it is not mentioned anywhere that this passbook is of PPF Account.

    Very soon I would be writing a blog with pictures on my website curiouslogic.in.

    1. Thanks for sharing all those points

  7. MANOHAR says:

    my age 30yrs i’m planning to open PPF account ist this right time to me open PPF account ? if yes plz tel me in which bank i have to be opened. i have s/b a/c in vijiya bank, sbi bank and idbi bank. now a day i dont like sbi bank becouse its fully crowded if i want to deposit or withdrew money i want to wait 1 hr in a line. so ist vijiya bank is good to open ppf account. plz help me i this

    thank you

    1. You can open it in any bank . but if you open in SBI bank , you can use internet banking to transfer money in PPF

      1. Francis Xavier R says:

        Hi Manish,

        IDBI Bank is also providing online PPF facility like SBI, ICICI.

        1. Thanks for sharing that Francis !

  8. chandresh vyas says:

    if i have ppf account with icici bank, and i will make online transfer to ppf account from hdfc bank or any bank other than icici, do they apply charges for transfer to ppf account?. I am asking this question because if i transfer money online from sbi to hdfc (or any bank other than sbi) via third party transfer they will apply 2.5% charges for each transaction.

    1. Ashwin says:

      Isnt 2.5% charges very high for banking conveninece. If this charge is true, i will instead issue a cheque if time is on my side.

    2. I think its very specific to ICICI , you need to get clarity from them only

  9. mohd_ansari says:

    To open a PPF account, i downloaded the forms from ICICI and went to Ghole road branch in Pune. Instead of accepting the forms, they said that they have better option than PPF which is RIS. They said PPF pays 8.7% whereas they will pay 8.7+2% extra and that too guaranteed. I accepted the offer thinking this is something new. They asked me to confirm my details on some number which they dialed from my phone and which i happily did. Later i got SMS from ICICI prudential that i have bought ICICI suraksha life insurance policy from them. I was so surprised. No where did they tell that they are selling me life insurance policy.
    I checked the net and downloaded sample policy document from icici pru. No where have they mentioned that they will pay an assured 8.7+2%. What they mentioned is assured 5%.
    My application is now showing Policy issued and waiting to be dispatched.
    I know i have a free look period to cancel but dont know if it going to cause trouble in getting my premium back.
    I need some kind of legal action against ICICI so they dont misuse the PPF option they have and dont cheat any other customer.
    Please advise

    1. Ashwin says:

      Well u should get the policy cancelled immediately. There will be a small charge on the premium, but when cancelling that the policy was mis-sold to u, and make a huge noise like complaining to insurance obudsman, and like wise. They will return your money back,and also reprimand the employee hopefully. BUT DO NOT keep quiet else, hundreds like u will be made bakras, while these crooks eat the commission.

      1. mohd_ansari says:

        After several followups, they gave me my policy documents which i returned to ICICI bank immediately to cancel under free-look period.

        The terms of the policy was totally different from what ICICI told me. The iciciprudential site shows me the status is “free-look cancellation”. It is 2 weeks and still they have not refunded my premium.

        The banker has stopped lifting my phone also. I registered my grievance at ICICI, registered a complaint to IRDA and also sent a mail to insurance obudsman for the fraud they are doing

        Not sure when they will return my 2 lacs.

        1. mohd_ansari says:

          Finally got my money back with some deduction.
          Guys be careful with this PPF option. They are misusing this option to bring in customers and then they sell them insurance policies by giving false information

          1. Thanks for sharing that !

  10. Karthikeyan says:

    Hi Manish,

    How do I open a PPF account under my child’s name with ICICI?

    1. You need to mention your Child name as main applicant and your self as guardian , I guess your child account has to be present in ICICI in that case, but you need to get clarity on this from ICICI bank only.

  11. prasad k says:

    The other sites are fine in office..even videos also..
    only facing problem with jagoinvestor..almost need to wait for 4 or 5 min to read/scroll the site..
    getting stuck for few minutes..

  12. Prasad K says:

    Hi,

    It is taking too much of time for loading the site.
    Are you trying anything to improve it?

    Thanks
    Prasad

    1. Hi Prasad

      I guess we have already improved the site a lot . Are you seeing the speed issue many times a day ? Or was it just this instance ?

      1. prasad k says:

        yes it is not just once in a day..
        I am facing this problem all the time …it is taking too much of time to open any topic…
        It is fine with 3G airtel connection at home..but in office..facing this problem all the time..

    2. Are you still facing it ?

  13. Prasad K says:

    ICICI – For those who are having relocating jobs and know the power of internet banking.

    SBI -For those who are settled in one citi and place.

    I trust SBI coz its largest PSU but i hate the services because its really irritate you… visiting base branch again and again is the biggest headach……. transfer of account takes 6 months time……. however with ICICI life is cool and comfortable… i never visited my ICICI base branch.
    by Anupam
    ——

    I have decided to open PPF account online. I have both SBI and ICICI Saving accounts. I was in confusion whether to go for SBI or ICICI.
    The first thing that comes into my mind is “Jagoinvestor” to check that -:).
    I read this artical and all the reviews..
    Based on the point given by anupam, I have decided to Open it with ICICI.
    SBI is also very good, but it is really irritating to visit the base branch for many things, HOw can we go to native and visit base branch whenever it is necessary..
    in this case ICICI is very conveient, we need not vistit base branch, we can do anything from any branch mostly.
    Really I am fed up with address change, net banking activation etc with SBI. Rest everything is good, but visting base branch is really a big problem.

    Once again thanx to Jagoinvestor..
    on the other day…It helped me to take the “Term paln from HDFC” .
    I was about to go for money back policies etc with the influence of LIC agents (many are relatives or friends)…but jagoinvestor helped me to plan it correclty..
    like going for Term plan..which gives lump sum of money to family if some thing hapens..I took it 70 lakh for just 9k per year..it is really good..
    which helped me to invest the other amount in things like PPF etc..
    Really thanx a lot..
    -:)
    I am more relaxed and happy by all your reviews/suggestions..
    thank you..

    1. Thanks for sharing your review about these banks !

  14. Srinath says:

    Hi Manish,
    What is the right time to transfer PPF account from Post Office to SBI / ICICI? Is it more suited to do during the beginning of the year (April) or anytime of the year is good?
    My concern is that, will the account transfer impact the interest calculation.

    Srinath

    1. YOu can transfer it exactly after you get the interest. That would be better

  15. Saurabh Tiwari says:

    Hi,

    Can Anyone let me know how can i avail the auto debit feature of PPF a/c online. my payment is not getting deducted automatically . And while opening ppf nothing as such was informed.

    thanks in advance to rply.

    1. Were you able to link your PPF to your bank account online or not !

  16. aparna singh says:

    Hi Manish,

    I lives in Gwalior, even I went to ICICI(I didn’t know about that there are some designated branch for PPF), and representative misguided me, he told me that I can open an ppf account and i have to deposit 20k check for privilege, 10k for normal, 0% for women acc but 2K of RD will be there, i told him many times that i just want ppf account but still said a same thing, and got confuse, things got clear from your article thanx for that, I am thinking to open ppf in SBI now. 🙂 ! All the services is going to be same right ? I also want everything should be done through Internet and fast, transfer and all and that is also possible through SBI aswell ? and then what is the point to choose ICICI ??? Is there any ?

  17. Kirubhakaran Sundarrajan says:

    hi all,

    I opened my ppf last april, 2013 with sbi. i went to the branch only once to open it. it came linked with my sb a/c. now i m transfering as when i lyk, no big deal.. sbi has one of the best netbanking facility .. with advance technoogy, u dont need to bother abt poor human services..

    1. thanks for sharing your experience 🙂

  18. VINAYAK says:

    Can i have PPF account in ICIC without any saving account??
    Pls tell me the schedules of PPF..

    1. I think you cant . you need to have it linked with icici saving bank account

  19. mani says:

    Hi,
    I have opened my PPF account with ICICI.
    Please let me know, how to link it online?
    I cannot see it in My accounts.
    Thanks in Advance.

    1. It can be linked online only when your PPF is with ICICI and your saving bank account is also with ICICI

  20. Wasim Ghori says:

    Hi
    Some one told me that If I open PPF account and link with my ICICI bank account then I dont need to worry for maintaining monthly balance and it will consider as zero balance account with all feature and facilities.
    Same I have checked with Vasai Branch and they inform me the same and told need to start with atleast 500 Rs PPF PM.

    please reply.

    1. I am not clear on this . If branch has told you this, then it would be correct

  21. Selvm says:

    Hi

    I Just want now what kind of Interest I Can get from PPF Account with Icici. for example. I am paying 18000 for 1.5 Years. How much i can get return..

    1. It will be same 8.8% every where !

      1. Selvm says:

        Thank You Sir. Bank Executive has informed me 9% +interest on that 9% for every year. is it possible.

  22. manish rathi says:

    I have openend ppf account at ICICI bank. This account is opened by me manualy at branch. Now I want PPF account statement through online. How it is possible?

    1. There is no seperate statement for PPF , you will get the entries in your account statement only

  23. Sudheep says:

    Hi,

    Recently I had submitted my PPF amount paid proof (as PDF document) to my Employer’s account’s dept for Income Tax deduction. They had verified the same for submission. Hence no need of PPF account book for the same.

    For submitting income tax proof for PPF do as below.
    Login to ICICI Bank site.
    Go to “My PPF Accounts” -> “View Statement” -> View Detailed Statement -> Select the date ranges you have done the deposits -> click on “Print Statement” button -> Select the print device you have for printout. -> Submit the same to your Employer Accounts Dept for PPF tax proof.

    Printing can be done using any software like Cute PDF or other to convert the PPF paid proof to PDF document.

    Regards
    Sudheep

    1. Thanks for sharing that 🙂

  24. AKHILESH says:

    Hi…. i have recently opened a ppf account in icici bank and made an online transfer from my existing icici savings account to ppf account through internet banking.Now i need to provide proof to my employer for my savings under 80c. The statement generated through online shows only my ppf account number with details of date and balance after transaction. Will it be enough to provide that as a proof as it is not showing my name or any thing else….please help me at the earliest

    1. That should be enough . Also attach the bank statement which shows the transfer of money to PPF account.

  25. S. Natarajan says:

    My friend has a PPF A/c with Chennai GPO. The account is seven years old. It is alive and some money is being remitted every year. He has the Account Number, but the Pass book is lost. Despite search it is not traceable. When asked for a Duplicte Pass Book, the postal authorities (say the Counter clerk) says the account holder has to file a POLICE COMPLAINT and a FIR or Police Certificate has to be produced for process the request of issue of duplicate pass book. Is it correct. I checked up with some other post offices and they also say the same. But verification of PPF rules stipulates a levy of penalty of Re.1/ for duplicate pass book in a post office. Is there any change in rules? Whether the FIR is compulsory for issue of a duplicate pass book?

    1. I am not sure, but if you have got the same information from other branches , then it should be right ! . The penalty might be the added thing !

  26. Pari says:

    hi manish,

    At the end of 15years do we have to go to Designated branch[where the PPF a/c is opened] to withdraw the PPF money? Isn’t there any other way? Getting it transferred to local branch?

    Please let me know.

    1. As of now , you will have to go to the same branch !

      1. Pari says:

        I contacted the customer care yesterday. I was told that one need not 🙂
        Can visit any nearest branch and submit an application for the withdrawal and the PPF money will be transferred to SB a/c.

        1. great .. thanks for sharing that !

  27. Sudheep says:

    Hi All,

    I got my PPF account opened with ICICI bank (my salary account is with ICICI bank) 2 weeks back and it just took only 1 week time (even bank executive also mentioned that it will get opened in 1 week time) to activate the account and immediately the PPF account information reflected in the ICICI online account. Steps to be followed as below:

    1. Login to ICICI online account and click on Invest/Insure Online.
    2. Click on “PPF account Online”. Fillup all the information including PAN account number.
    3. After all data filled up, click on both button “Download Application Form” and “Download Nomination Form”
    4. Take prinout of both form.
    5. Stick the passport size photo and a signature across photo in the application form and signature with date in the bottom of the form.
    6. “ACCOUNT IN THE NAME OF A SELF/MINOR(S)” section doesn’t as the account was opened for me.
    7. Form E (Nomination Form) to be filled up with your nomination details. No need to mention PPF account number in this form, as it will generated later only.
    8. I submitted both form with copy of proof documents with originals (Self-attested copy of Passport, PAN card) to ICICI bank
    9. done 🙂 Thats all.

    Please note that, while filling up the 1st form, it was mentioned for “Initial Deposit Amount” which I was mentioned 500 Rs. But ICICI executive was given another small form to fillup (need to mention the account number, amount to be deducted and signature) for deducting this amount directly from account to PPF account. In this form, you can mention how much amount need to be deducted but minimum should be 500 Rs.

    After 1 week, I am very happy to see my ICICI online is reflected with PPF account number.

    I never faced any issue with ICICI executives. And I had to wait only just 10 min in ICICI back to get it all the form and documents verified and accepted.

    Hope this information will help others.

    Regards
    Sudheep

    1. Thanks for sharing that Sudheep ! .. glad you shared it with all !

    2. Pari says:

      Did you fill up the form in BLACK ink? the local branch rejected my form as I had filled up and signed in Blue Ink! Gotta take printouts again 🙁

      1. Sudheep says:

        Hi Pari,

        I used blue ink pen only (always use the same :)). Also I never seen any rules anywhere in the site, about to use only Black Ink.

        I think, its depends on the bank executive, who’s responsible to accept the form 🙂 Just joking !!!!

    3. Pari says:

      Hi Sudeep,

      When the ppf a/c got reflected first time did it also display a balance of Rs.500(
      which we mention in the a/c opening form)? I had also given a cheque of Rs500 for that. But I am not able to see the bal!!

      1. Sudheep says:

        Dear Pari,

        Yes, I could see the Rs.500 immediately when it started showing in ICICI account summary.

  28. Lavanya Sethi says:

    I am Lavanya.N holding ICICI account in Delhi Vikaspuri Branch branch for more than four years. On 11th of December 2012, myaccount statement showed that there were three VPS transaction made using my ICICI Debit card. But the card was with me. So Immediately I called customer care and asked to block my card to stop further invalid transactions happening from my card.
    When I enquired customer care, I was asked to file a fraudulent case and as said I gave a complaint about this issue in Police station on 12th Dec 2012. And on further enquiry with ICICI customer care I came to know that all the three VPS transaction was made in 3 different shops in Bangalore.
    Hereby I kindly request you to suggest necessary action to find out the fraudulent that has happened and help me in getting back my money which is altogether a total sum of Rs.5640/- .
    Following are the transactions made in Bangalore.
    No Value Date Transaction Date Description Withdrawals Available balance Time
    11/12/2012 11/12/2012 VPS/SMART-NANDI/20110111124321/0 2,330.00 6,920.66 12.44
    11/12/2012 11/12/2012 VPS/TRINETHRA S/20110111130344/0 2,310.00 4,610.66 13.04
    11/12/2012 11/12/2012 VPS/KANTI SWEET/20110111164251/0 1,000.00 3,610.66 16.43

    Please help me in finding this fraudulent transaction that has happened from my ICICI account. I have also filed a complaint in ICICI as well as here, http://www.consumercourt.in/net-banking/6828-icici-net-banking.html at consumer court site but so far no action has been taken on this case.

  29. anubhav jauhari says:

    i have opened a PPF account with ICICI . Now I need to submit proof to my employer regarding the amount that I have submitted towards my account under 80c

    Please help what document should I ask from ICICI as of now they have given me a print out of the statement . But no where does it states that it is a PPF account. Do i need a Passbook for the same ?

    1. That should be sufficient . All it should show is the entry that money went to PPF account

  30. Minnu says:

    Hi,

    I have a question for those who have PPF A/C with ICICI bank.

    Can we get the statment of all the transcations made for PPF account whioch can be submitted to the Employer for Tax Exemption?

    1. No you dont get it seperately , the deposits will be in your account statement , that should also be enough proof for tax saving

  31. Anup Anand says:

    Manish,

    Thanks for all the great work you are putting in Jagoinvestor. Really appreciate it.

    Inspired from your articles, I have decided to open a PPF account with ICICI (already have a savings account with them). While filling out the online form I have entered 5000 as the Initial Deposit Amount. I need your help with some of my doubts.

    1. Is this the amount that I have to deposit monthly? Because, I am pretty sure that I was not asked for the total amount for which I wanted to open the PPF account.

    2. As it is clear from your reply on the last post, I can show 15K as my ppf savings for this year and continue for the next year, right?

    Thanks,
    Anup

    1. Anup

      1. In the form is it written that the amount is to be deposited monthly ? If not , then its just this year contibution , you can change it later

      2. yes

  32. Karthik says:

    Thanks Manish

  33. Karthik says:

    Manish,
    I recently opened PPF account in ICICI for amount 40k . I can show the 40k for this FY tax deduction.
    Now question:
    1.can i transfer more than 40k (say 50k) and will claim for tax deduction of 50k for next FY .
    2.If its possible , do i need to transfer start of the FY (Mar’13 ) or any time in FY .
    Please advice

    1. Karthik

      1. Yes, you can invest any amount next year .

      2. After Apr 1

  34. KSB says:

    ICICI online transfer(ICICI SB account-ICICI PPF account) is allowing only 2 transactions in a month. Received following error for 3rd transaction.

    “you have already reached the maximum permissible limit of 2 transactions in a month for your PPF account. You can now transfer the additional funds into your PPF account in next month”

    Even customer care is not sure about this validation 🙂

    1. If you have got such a remark , then thats true !

  35. RSingh says:

    I have one PPF account in Post Office. I wanted to transfer that to SBI. When I visited Post Office, they asked me to go to SBI and when I visited SBI they asked me to go to post office. I was just bouncing between the two entities. Frustated I decided to leave the idea of transfer.

    Now a quick question: Can I have multiple PPF accounts? One in Post Office, one in SBI. I know this is not possible to have two PPF accounts and avail tax benefits of both. But is it possible to have one account in child’s name and use that in tax benefit? Pls advise. Thanks!

    1. Yes ,you can have a PPF account for your child name and have your self as guardian . for your transfer issue its the POST MASTER who has to accept it , if he says other wise tell him that you got that information from RTI , tell him you want to file another RTI saying that he is not accepting it (with his name) and whats the way out of it .

      He will surely accept it ! , try it once

  36. Alok says:

    I am trying to open online ppf account with icici bank. online form is generated on submitting details. I need to fill ppf account number in nomination form. i want to know if ppf acount number will be generated when my account is open or it is same as application form number which is generated online.

    Please help

    1. I think the number will be assigned later .

  37. Madhukara A.R says:

    I have an PPF account in State Bank Of Mysore as in our area SBI not authorized to do govt business. I have an account in SBI with online banking

    It is easy to transfer the amount with in State Bank group banks. You can authirize any amount or fix the schedule. (it is called mapping). that too in ZERo expense, no commission , no deductons

    1. Thanks for sharing that information !

  38. saravanan says:

    Is there any rule for opening ppf acccount with in these number of days after submitting ther application form?

    1. Means ? Your qestion is not clear !

      1. saravanan says:

        sorry for my poor English :). i submitted my ppf application at December first week but still they not created the account. Is there any time limit for bank to create a new ppf account?

        1. KSB says:

          Bank is saying 15 working days while applying PPF account, but I got it in 10 days 🙂

        2. They give a 15 day time line , so I think you need to wait for 1 more week !

  39. piyush says:

    Dear All,

    The ICICI bank has mentioned on there website earlier, that the passbook will be made available with the PPF A/C. After my a/c was opened with no hazels, I then waited for almost 45 days for passbook arrival, because the same was told to me by bank officials while applying for PPF at MG Road Bank, Bangalore. But nothing came by.

    Upon calling their call center, they told to visit me to the nearest branch for same. On visiting there, they told me to visit the Base Branch where PPF A/C is held. When I visited, the Base Branch, they told they don’t issue any passbooks for PPF A/C.

    Then after this, I mailed this matter to their head of quality service with the snapshot of what they have posted on there website and what I underwent through. Upon seeing that there response was not so cooperative, I then mailed them the Official Indian PPf Rule Book with the line number, wherein it is clearly stated that any authority providing the PPf account services, must provide a passbook for every account. Then the head service quality people replied as they will be getting back to me after some days. On the committed date, they mailed me back, as whatever mentioned on the website was a mistake and they are very sorry for what I had been through, also they told the transcript on the banks webpage will be corrected. And there it is the corrected transcript posted on jagoinvestor.

    But the point is, who has got the PPf Pass Book till now from ICICI Bank ?
    I never got. Neither did they commit anything to me on this matter.

    Also this is not about pointing out the mistakes of any institution but to make them better, which only a customer can ask for and make it happen.

    1. Piyush

      I saw some one posted a comment some time back that he got the passbook . You dont get it by default, but when you apply for it ,you get it , take help of RTI now (put it for POST OFFICE , not the ICICI BANK )

  40. Mukesh says:

    Are all the T&C same with ICICI PPF as with SBI PPF – like min 500 Rs. deposit, 50 Rs. penalty for no deposit into PPF for 1 year, etc.
    Usually with ICICI, the charges + penalties are too high.

    Pls confirm.

    1. niti says:

      mukesh

      till now i find all the conditions same with SBI and ICICI. only diff. is that icici wants SB a/c with them…i.e already mentioned in that.

    2. niti says:

      mukesh

      till now i find all the conditions same with SBI and ICICI. only diff. is that icici wants SB a/c with them…i.e already mentioned in that the aeticle above

    3. PPF rules are same everywhere

      1. Kshitiz kothari says:

        Actually Nowadays, even SBI needs to have a savings bank account with them, before they open a PPF account

        1. Are you sure ? Is there anything official on this ?

  41. Niti says:

    to all d above commentors……………..

    There is one very important I want to mention about PPF with SBI and ICICI i.e SBI ppl are not ready to open PPF account for your kids. I have visited atleast 3 SBI branches in diffrent city ….one in my hometown and 2 in bangalore, but they told me that we cant open account for minors as govt is not allowing it….but in media whenever any news abt PPF cums they mentioned that, it can be open for minors. But SBI is not ready to open it. Now finally, I am able to open PPF account for my daughter who is 5 years old with ICICI. So for our kids ICICI is better.

    1. Niti

      Thats strange .. You can always open a minor PPF account with yourself as guardian . If some branch is not allowing that in SBI , then you can always put a RTI and find out the official reason for it !

      1. Niti says:

        well i didnt know abt RTI then. But offcourse in future i will think of this option. But for now i m having my PPF ac with Sbi n my daughter’s with icici.

  42. Nixon says:

    I have PPF account in Indian Bank. I transferred Rs100 from HDFC bank to PPF account in Indian bank, the transaction failed because you require to make at least Rs500 in one transaction. I again transferred Rs500 from HDFC bank to Indian Bank PPF account, this time it was successful. Pls note that it takes more than 2 days to get the amount credited to Indian Bank PPF account. I hope this comment of mine would be useful to some. Thanks

    1. Nixon

      Thanks for sharing that 🙂 . I am sure it will be credited in your PPF account . Check it and confirm with us 🙂

  43. vini says:

    i have a PPF account in SBM( state bank of mysore) and it is an online account which is maped with my savings account. whenever i want to see my PPF account transactions i just log on to my savings account. really having PPF account in nationalized banks would be great rather having it in ICICI. Better we put our PPF money in nationalized banks.

    1. The same kind of experience you can get in ICICI bank also !

  44. Bhabani says:

    Hi manish,

    Do I need to visit the branch to submit the PPF opening document or I can send them by post? I have a ICICI savings acct currently.

    1. You will have to visit them once I guess !

  45. DINESH SABOO says:

    manish ,
    thank you for this information.

    regards
    dinesh saboo

  46. Ashok says:

    Hi Manish,

    Can you specify what is the procedure to transfer the PPF account attached to SBI to my ICICI account though I understand that there are no much benefits in changing from SBI to ICICI except we can access the PPF account online and do transactions.

    I wish to specify that I do not have Savings Bank account with SBI but have only PPF account in a designated branch of SBI. But I have SB account with ICICI for more than 10 years and I enjoy the power of Netbanking using the same. Hence pls suggest whether it is better to change from SBI to ICICI based on the above facts.

    Thanks,
    Ashok

    1. Did you check on this with ICICI bank ? I think all you need to do is check with SBI bank on this and give them an application !

      1. Ashok says:

        No. I didn’t since I understand there won’t be much benefit in moving from SBI to ICICI except online view of my account. I am able to transfer amount from my ICICI acct to PPF (SBI) through NEFT transfer hence didn’t find much of a benefit in changing to ICICI.

        I intend to open a SB acct in a nearby SBI branch and would like to combine the PPF account into the Netbanking acct of the same. Is this option fine?

        Regards,
        Ashok

        1. Thanks for sharing that !

  47. Rahul says:

    can i open two PPf account ?

    i have a PF account which was open by my company so can i open this ICICI PPF account?

    1. Rohit says:

      Hi Rahul, PF is different from PPF.
      Provident Fund(PF) is 12% of your monthly basic salary that your employeers are supposed to give it to you. PF interest given by your employeer will be 8.25%.
      Whereas Public Provident Fund(PPF) is what you contribute to the government’s PF account. The maximum amount that can be transacted in a year is 1 lakh. Also PPF has a lock-in period of 15 years. You cannot cancel or remove all your money from this account. But you can withdraw a part of that money after a period of 5 years. PFF interest currently given by the government of Inida is 8.8%.
      Hope this helps!!! 🙂

    2. No you cant .. only one PPF per person allowed !

  48. Siddhant says:

    I think it is better to start this PPF account with the bank that you have salary account with. HDFC also has this facility, while i appreciate that banks have service rules we as a customer should also make it easy for the banks to service us by combining our wealth, it always helps 🙂

    1. nixon says:

      Can you pls elaborate on HDFC bank PPF? I dont think they have this facility. PLs reply. Thanks

    2. Thanks .. thats a great point !

  49. Rahul says:

    can i open ICICI PPF while i have PF account which was opened by my company..?

    can one person have multiple PPF account.?

    1. your PF account at company is EPF account, its a seperate thing than PPF . You can open 1 PPF account !

      1. Suresh says:

        Wonderful point. Please update this in the main article as well. Also, is it possible to say, break or close the PPF a/c OR withdraw the funds say at the end of 8 yrs or 10 yrs instead of waiting for 15 years. Is there a penalty involved. Would much appreciate details on this please.

        1. There is no way you can break the PPF before 15 yrs , other than dying !

  50. sahil says:

    thanks for the info
    Private sectors banks have started the PPF Scheme but can we really trust them

    1. Yes, you can trust them if you trust Govt , because they only give the licence !

  51. I am holding PPF account in post office for past 7 years. Can I open a new account in ICICI bank?

    1. No, only 1 PPF account is allowed per person !

      1. Suresh says:

        Please update this information in the article itself. It was not clear to me as well and i had to browse 40+ comments to get this point clarified.

  52. Deepak says:

    SBI also offers online account for PPF. I got it last year.

    1. Virendra says:

      Can you provide more details? Do you already have an saving a/c with SBI?
      My PPF a/c is in SBI but I don’t any saving a/c with SBI. Will they provide separate user id /password for PPF A/c?

    2. Subhasis says:

      Like lot of others, as I am having PPF in SBI and not thinking about shifting it to ICICI. Single issue is I can not see PPF amount via net banking. I have asked SBI officers also but they did not give a proper answer. Deepak, do you know the procedure to make an existing PPF into online PPF?

        1. Subhasis says:

          Thanks Manish for sharing the link. Calling customer care and adding as beneficiary account(was already added) did not help, Prasoon was lucky I guess 🙂
          Will visit home branch, hope that will do.

          1. Ok , whatever it takes . do it !

    3. Yes.. we know about it !

  53. Anupam says:

    ICICI – For those who are having relocating jobs and know the power of internet banking.

    SBI -For those who are settled in one citi and place.

    I trust SBI coz its largest PSU but i hate the services because its really irritate you… visiting base branch again and again is the biggest headach……. transfer of account takes 6 months time……. however with ICICI life is cool and comfortable… i never visited my ICICI base branch.

    1. Thats a very good point Anupam 🙂

    2. Suhas Patil says:

      I have my SBI accounts base branch in kolhapur and i am currently based in Bangalore but face no issues with my SBI savings and ppf account.
      SBI online facility is good.I do third party transfer from savings to PPF and the amount shows up the same day.
      Also I can take a print out for the financial year online and my employer accepts the same for Income Tax.
      Though I had faced some issues converting the ppf account online.The old senior executive at my base branch was hesitant to make it online and I had give reasoning to connivence him to do so…. Thats the PSU mentality but once done no issue.

      1. Nitin Gupta says:

        when you change city or you change location within city. how do you update your address in SBI records. dont you need to contact that particular branch in Kolhapur?

    3. Nitin Gupta says:

      i totally agree with Anupam here.

      i felt that when you open an account with the bank like ICICI, you have relationship with the bank not just the branch. you can go to any branch and get your work done irrespective or your account is at which branch.

      when you open an account with bank like SBI, your relationship is not with the bnk and but is with the branch. and there are many updates or activities for which you will be asked to contact the branch where you have the account.

      1. Suhas Patil says:

        Nitin Gupta,

        I got your point 🙂
        Changing of address is not possible with SBI I guess.I never changed it since thats my native branch and parents receive the letters if any from SBI on that address.
        I have been ICICI bank customer for past 12 years and these guys are good in banking.I opened my kids account in bangalore with my native address.they linked it to my existing account and i dodnot aubmit any adress proof document.
        One drawback of ICICI PPF is due to non availability of there ppf account in vicinity you might need to travel for initial setup.(eg:-From Kolhapur to Pune 230km.)

  54. Shankar says:

    I am using SBI and ICICI account both 2003. ICICI is pioneer in netbanking in India. In 2003 it was certain that ICICI services was way better than SBI. Particularly in branch service.People of ICICI bank was striving to serve customer.(May be remuneration system was very motivating). On the other hand SBI have people having avg age of 55 in all their branches disbursing cash through copper token. After CBS implemented in SBI and post OP Bhatt era SBI is changed a lot with there net banking platform.Net banking wise ICICI is now at per with SBI. You can find many young employee also in SBI branches.But as they are getting trained from there old strike cultured seniors there behaviour is still not at per with ICICI at 2003s.But certainly they are improving.

    On the other hand ICICI is degraded with time a lot fighting recession. Trying to catch up CITIBANK/HSBC in banking charges with continuous degradation in service. Their employees are only ULIP centric service provider now.If you buy ULIP from them irrespective of your need they will provide service, otherwise show lethargy in rendering service. This behavior is supported by their company also because cost overhead of employee satisfaction can be passed to the customer.

    So in 2012 there is little difference in SBI (online) and ICICI savings account service. So other than geographical advantage (ICICI branch is more accesable than SBI one) SBI PPF holder may not change to ICICI though. Changing from Post office is different story though.

    1. Karun Bir Singh Sandha says:

      Very well said.
      Agree with u 100% on all the points.
      SBI is comparatively cheaper also in terms of service charges and interest rates.

    2. Thanks for your detailed sharing on this topic !

  55. Yateen Joshi says:

    Well, If you have a PPF account with SBI, why do you really need to migrate it to ICICI? for what benefits?
    Online transfer can still be done from your existing account of ICICI or other bank, to your SBI PPF account. In fact, you can schedule a regular transfer. Once in a quarter, you can go and get the passbook updated at the SBI, that is the only headache.
    The only question comes at the time of maturity or while taking loans on PPF. I believe that would not be frequent.
    I am not a pro-SBI or anti-ICICI, but as per physics law, any change.. has resistance.. 🙂

    1. This is just an information , if someone feels he needs it in ICICI , they can open it, else not 🙂

  56. Sudarshan says:

    @Mahesh…. I enquired and the benefits are the same 🙂

    1. Mahesh says:

      Thank you Sudarshan.

    2. nagaraju says:

      @Sudarshan, benefits may be same. How about risk? SBI is nationalized bank and ICICI is private. or it may be the case that as it is PPF, it is actually maintained by Government’s EPFO?

  57. Mahesh says:

    This is very interesting option. As far as services are concerned ICICI is always better than SBI. I will certainly open an PPF account with ICICI. But before that would like to know if there is any risk associated with it? or it is same as SBI (same benefits, ROI etc)

    1. Its the same PPF thing , Both are ultimately going to EPFO .. just that the front end is different !

  58. sethu says:

    I have my ppf account in icici. my home branch is not a designated ppf branch but still they accepted it and forwarded my documents internally to the ppf designated icici branch. This happened again with my inlaws and they do transfer the required docs internally to the ppf designated branch. So

  59. Vikas Srivastavv says:

    Thank you for this useful information.
    Just to share, I have my PPF a/c with SBI and have passbook but I am using SBI net banking for transactions in my PPF account and it is really very convenient. I also have ICICI a/c but found no reason to switch my current SBI PPF a/c.

    1. Thanks for sharing what you feel about it !

      1. Mukesh says:

        With SBI PPF, you can deposit money from SBI savings a/c only if both are in same branch.
        But you can also deposit money in PPF through NEFT transactions as well (as it was shared in one of the Jaagoinvestor post).

        1. Yes .. you can deposit by any bank in PPF

  60. Venki says:

    No, I will not. Of-course, I have PPF at SBI.

    I am not satisfied with the banking service of ICICI. As simple example why I don’t like ICICI service, try changing password using virtual keypad.

    Even at SBI, it is one time activity to submit physical documents. We can transfer funds from SB A/C to PPF A/C, no need to go to bank to make deposit. I have used the same transaction copy as proof of IT submission. We need to have SBI account at the branch where we open PPF. They both will be linked by the branch. I am not sure whether we can link PPF at one branch and SB at another branch in SBI.

    1. praveen says:

      Yes we can open PPF in branch and link to SB account in another branch. It worked in my case.

    2. Thanks for sharing your views on this !

    3. Bhavin says:

      I have a savings account and PPF account with SBI and branches are different. Still I can see my PPF account details under my savings account online because while opening PPF account, I have given my Saving A/c customer ID. so now i can see the transaction made in PPF A/c as well.

  61. Sudarshan says:

    I created my PPF account at ICICI and I feel that it’s worth and I can even say that its better than SBI as the service at ICICI is always better than any Nationalized bank. I linked my PPF account to my main ICICI account and hence able to view all my transactions from there!! I highly recommend people to do that so that you don’t have to spend hours knowing about your PPF balance and other such info.

    PS:- I feel that the passbook is not necessary as everything is provided online. I have opted for the auto debit feature where some amount will be debited monthly on 5th (I got the info from Jagoinvestor that deposting money on 5th for PPF will give better yield in long run).

    1. Chandru says:

      “I can even say that its better than SBI as the service at ICICI is always better than any Nationalized bank.” – Can you please elaborate how icici is much better than SBI regarding PPF account, if you are not an employee or paid agent of ICICI?

    2. Thanks for sharing that experience with us !

    3. Sushila says:

      ICICI is not the best and nor is SBI or HDFC or Kotak or any other bank they all take the investor for a ride.

  62. Priyanka says:

    Hi

    Nice article, every time I inquire about PPF at ICICI branches, they discourage n want to sell their prudential products. Extremely irritating.
    Better to open with SBI/Post office.

    1. Venki says:

      I too have experienced this misbehaviour of ICICI staff. I visited the bank (Bangalore) to start SIP into ICICI Pru Focused Blue Chip fund. About 20 min, the bank official tried to convince me to opt their ULIP plan. Finally, I firmly told him, “I am here to start SIP into MF, not for ULIP”, he kept quite. It was far for me to go to CAMS or Karvy office to file my MF application. I had this bitter experience at the bank.

      I have seen multiple comments on the same. It looks like, it is the banks motto to promote ULIPs under any cost. I also have seen some ads in Outlook Money magazine, and few other financial magazines, ICICI emphasizing not to surrender ULIP plans, an example of how these are mis-sold.

      SBI service is far far better than ICICI these days.

      1. Sandeep says:

        Venki,

        I have also faced the similar problem with ICICI, Pune. I went there to open PPF account and they forced me to opt their “GSIP” plan instead of PPF. Then I dropped this idea and opened PPF account with SBI.

        Regards

        1. Mayur says:

          that’s true. I am their customer for the last 12 years. Everytime I visit the bank and ask for PPF information, they just direct to one or more persons. Basically they are not interested as its not beneficial to them. But I will have to check in the branch listed in the link above.

          1. saravanan says:

            it’s true. i am submitted application for open ppf but there is no response from them near to 3weeks and also i check with them they always try to escape next dsay still no reponse. hope they planned to switch client mindset from ppf to icici investment plan. i fell it’s not good relation to clients. if they don’t have interest on it just quit the service it’s better i feel . 🙁

    2. Virendra says:

      Same case with me.
      I tried to open PPF account for my wife. She doesn’t have any a/c with ICICI bank. Their representative was forcing to open saving a/c. And link PPF account online with the Saving a/c. Also he told me in the absence of saving a/c I can’t check my PPF account balance online coz they don’t create separate online UserId/Password for PPF a/c.
      When I refused he just gave me a form and asked fill details and said someone from branch will come to your home for verification purpose. Till date no one came. I followed up with them couple of times and then gave up!!

      1. I think with ICICI , its mandatory to open an account otherwise you cant view it !

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