March 21, 2014 8:30 am
I want to open ppf account for 20 years.which bank is better SBI or ICICI.how much time both banks take for account opening.please mention the advantages and disadvantages of both.
SBI is better for opening PPF account
Most employees at ICICI don’t care about PPF accounts, since it’s private sector bank & they don’t get big commission
So, go with SBI
As of now ICICI has 42 brances throughout India. If you visit any of these branches then obviously it is merely few minutes work as per the rush in Bank.
But if you compare other features as mentioned on this website then you will obviously like SBI.
I am also having a PPF A/C in ICICI and in SBI as well(spouse name) and I think SBI is far better. So finally I have applied for transfer of PPF from ICICI to SBI.
My colleague opened a PPF account with ICICI bank yesterday. It took him less than 20 mins to open the PPF account .
Read this article and decide.
Dear Kalyan, the PF account’s first term is 15Y. Once it’s over, you have the rights to extend it in blocks of 5Y each for any number of time as you like. so you may run your PPF account till 40-50-70Y as you like. It’s your own comfort level with the banks’ name mentioned by you. the time taken ‘ll not be more than 30 min to 1 hour if KYC and related documents are ready with you.
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