Additional PPF account

POSTED BY arupsanyal2002 ON March 30, 2012 8:47 pm COMMENTS (12)

Hi,

I have a PPF account with SBI. Recently ICICI Bank have started offering Online PPF account.
Since, my savings account is with ICICI, so for ease of online investment,I am considering opening this Online PPF account .
My query : Is there any legal restriction on the number of PPF accounts that can be operated by an individual?

Regards,
Arup

12 replies on this article “Additional PPF account”

  1. Bunker says:

    As far as I have been through the process with ICICI, a individual cannot have PPF Account without ICICI savings bank account. This was made clear to me in April-2013.
    Also, the ICICI savings account cannot be a joint account. Both the savings account and PPF Account have to be in same individual’s name with same PAN. Only then they are permitting PPF Account.

    If you have a joint savings account in ICICI Bank, they allow you to delete one joint holder and then allow the PPF account application form to proceed.
    They also help transfer the PPF account from SBI or Post Office, however, the process has to start at the source i.e SBI or Post Office where the PPF account is present.

    One can transfer funds through NEFT from ICICI Savings account to SBI PPF Account. To do this, one needs to add the PPF Account as beneficiary in “Funds Transfer”. While adding beneficiary, give PPF Account number of SBI as account number and Type as “Savings”.

    Today I also confirmed from ICICI Bank that one can do NEFT funds transfer from HDFC Savings Bank Account to ICICI PPF Account. While adding beneficiary, give ICICI PPF Account number and type of account as “Savings”.

  2. arupsanyal2002@yahoo.co.in says:

    Hi,
    Just an update to share that I have been able to transfer thru NEFT from the ICICI savings a/c to the SBI PPF A/c.
    Seems that the PPF a/c no. should be of the same format as that of the savings a/c no. of SBI.

  3. ICICI Bank Care says:

    Hi Arup,

    Any resident Indian individual at any point in time can maintain only one PPF account. However you can avail the transfer facility to continue the PPF account opened with SBI. Please write to us at care@icicibank.com for any assistance. Kindly refer ‘2839422’ in the subject line.

    Regards,
    ICICI Bank Customer Service Team

    1. Ajay Kumar says:

      My wife has opened a PPF account in ICICI bank though no saving bank account is linked with it as she already has 2-3 bank account in her name in other banks which do not offer PPF.

      Now we need to transfer money in that PPF account but when i am trying to add that account it gives an error in my SBI sb account and in ICICI saving bank account also it is not possible to add. On calling customer care i was informed that i can only deposit amount in the ppf account via payin slip at any branch though.

      Now i am thinking to transfer the PPF account to SBI then i will have the facility of ecs and third-party transfer also from my SBI account or is there any other sollution.

  4. TheZionView says:

    I am not aware of SBi to ICICI but i sent a mail to ICICI asking if its possible to transfer existing PPF from post office to ICICI and this is the reply i got

    “Dear Mr. XXXXX,

    We value your relationship with ICICI Bank.
    We would like to inform you that you will be able to transfer the PPF account from Post office to ICICI Bank. You needs to approach post office requesting for transfer out of PPF account , PO will then retrieve original AOF and consolidated draft of accumulated amount. Then you need to approach ICICI with those documents for transfer in process.

    We look forward to your co-operation to serve you better.

    Sincerely,

    XXXXXX,
    Account Manager
    ICICI Bank Limited”

    I am going to try this next week and see how it pans out

    1. Jassi says:

      Hi TheZionView,
      Were you able to get the transfer done?
      How is the process?

      Rgds,
      Jassu

      1. TheZionView says:

        @Jassi,

        I have visited post office twice so far without any success. Today i was told to come back may be mid of next month as the month of april is quite busy for them.

        I am going to try again next month some where in 20th of May will let you know if everything goes fine

        1. Jassi says:

          Thanks TheZionView.
          Sure please let me know.

          Rgds,
          Jassi

  5. As you already have a SBI and ICICI account . the best thing would be to start a ECS from ICICI to SBI account and then a ECS from SBI to PPF account .

    This has to be done if ICICI -> PPF does not work ! . Better to automate this process .. so it will look to you as if money is flowing from ICICI -> PPF , but through SBI

  6. Dear Arup, Now a days it’s possible to deposit in your SBI PPF account from ICICI SB account.

    Please check the below link –

    https://www.jagoinvestor.com/2011/12/ppf-account-online-investing-netbanking.html

    No, You can’t have multiple PPF account.

    Thanks

    Ashal

  7. AB says:

    I also have same issue. For PPF only, i opened a savings account with SBI few months ago and now ICICI has also launched PPF. I was thinking if there is any option to transfer the PPF acct from SBI to ICICI. ICICI net banking is wonderful 🙂

  8. Yes there is a limit. An individual can have only 1 PPF account.

    If it is determined someone had more than 1 account the interest credited from the day the second account was opened will be reversed in ALL ACCOUNTS. It is pretty easy to find this out these days with a common PAN being the link.

    Having PPF with SBI is not a pain at all. Do a NEFT from ICICI to SBI whenever you want to contribute to PPF. If you have SBI Online you can view the txns yourself – else you can WALK IN TO ANY SBI Branch in INDIA and get the passbook updated for free. If you are outside India hard luck!

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