September 25, 2013 6:08 pm
I would like to open PPF account in ICICI bank, I have head it is tax free at the time of maturity, is it true ? and is there any charges from bank’s side ?
PPF is EEE scheme, exempt from IT 1] Entering 2] Running 3] Exit. Also as per RBI its not mandatory to open an SB account associated with PPF account, though the bank person may insist on the same telling it will be easier to fund the PPF account. I am telling this point as couple of hundred rupees will be charged as annual fees from the bank for maintaining the account unless you have zero-maintenance account.
Dear Dinesh, as you are already an existing ICICI customer, please fel free to join there for your PPF. No ICICI ‘ll not charge anything extra from you.
I have ICICI bank a/c , that is reason i would like to open PPF with ICICI.
My doubt is.. will ICICI charge anything extra at the time of Maturity (which might be higher than post office or SBI)?
If you have an ICICI bank savings account and you do not have any ppf account OR if you want to open ppf with ICICI then go open first a savings and account get internet login and then very easy.
The benefits remains the same and there are not charges at all from any bank.
Process is simple with ICICI:
1. Login internet banking
2. there is a ppf online tab on left – click it
3. fill the details online on the form
4. take a print of the form as it mentions
5. take the printed copy with the mentioned details at any icici bank branch.
6. Before submitting check with bank as your savings account nominee and ppf account nominee are to be same or can be different. Kindly do a hygine check.
Then once the ppf account is opened in few days – you can easily do online transactions in your ppf account and check the details live.
ICICI is far better in terms of service in my experience as compared to SBI or Post office..
Note – ICICI only has ppf facility at few designated branches. But opening ppf from any bank is quite possible and easy process.
Dear Dinesh, why do you want to open it in ICICI only? Any particular reason of choice?
A PPF in ICICI is similar to opening a PPF a/c in SBI or post offices. The interest earned on PPF is exempted from income tax. As far as i know, there are no additional charges to opening and operating a PPF a/c from ICICI.
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