PPF account investment proof from ICICI bank

POSTED BY Vivek ON November 11, 2013 7:01 pm COMMENTS (18)

Dear All,

I recently transferred my PPF account from SBI to ICICI, now its very difficult for me to provide investment proof to IT people as ICICI bank not provide any passbook. Even transection statement is not clearly mentioned as PPF account account type,

in SBI we can get passbook, online PPF statement with bank logo where account type is clearly mentioned, PPF deposit slips of amounts. ICICI bank only provide account statement where address and transaction details are there on statement they not written this is PPF account,

 

18 replies on this article “PPF account investment proof from ICICI bank”

  1. chaitra says:

    Guys Detailed statement>provide date range>submit>Download the PDF.PDF has “PPF Detailed statement” mentioned in it.

    1. Murty says:

      Hi Chaitra

      We need to submit Detailed Statement for Particular duration right. Can you confirm me.

      Thanks,
      Murty.

      1. Murty says:

        PPF account investment proof from ICICI bank

  2. Vamsi says:

    Hi Vivek,

    I am facing the same problem now. Any advice on how you could solve it?

    1. Vivek says:

      Hi Vamsi,
      i have tried but not lucky with ICICI bank, and the work around is -> they can provide letter which mentioned that is the PPF account with their stamp and sign , and that you can attached with PPF transaction statement, so you require two documents one transaction statement and one bank letter on which they declare account as PPF

  3. Anand says:

    Hi Sumit /Vivek

    Thanks for info.
    I read about ppf and its not bank responsibility, bank just passes/handle the money.

    So after any service related request does not depend on bank, they will just forward our request to PPF and rest depends on them.

  4. Vivek says:

    agree with Sumit

  5. Sumit says:

    Hi Anand,

    If you have SBI savings account better to go for SBI PPF.

    And if you can afford investing lump-sum then its always advisable to invest the whole amount before 5th April of the financial year ( then the amount will get interest for complete year), or at least with first 2/3 months of the financial year.
    Else can invest in each month before 5th.

    Thanks
    Sumit

  6. Anand says:

    Hi Sumit,
    Thanks for the information.

    I already have a SBI saving account with net banking facility, so once PPF is opened, I can transfer the amount online.

    Also I hope we can transfer money from any other net banking enabled account to ppf.

    So what would you suggested , to go with SBI or ICICI.

    And whats better , to transfer amount each month before 5 th or use RD and pay lump-sum ?

    Thanks

  7. Sumit says:

    As per rule it’s certainly not mandatory to have a Savings account with the bank to open PPF account. But they will obviously ask you to open one – it’s helpful though to keep a savings account there. And then even they may try to convince you to make some other investment/or to take some policy (in case of ICICI bank) with that bank, so you have to duck those offers carefully.
    Being a private sector bank ICICI definitely provides better service than SBI.
    Know all about PPF in below link:
    http://www.behealthyinvestor.com/all-about-ppf/

    Thanks
    Sumit

    1. Sutanu says:

      Yes. I experienced the same. They forced me to open a new savings A/C, which is unnecessary since I was already having a savings A/C with them! Now, as I know that I need not, I will close the account. It just creates another headache of maintaining AQ balances

  8. Anand says:

    Hi,

    I would like to ask one thing here,

    If I am not a saving account holder of ICICI bank, still can I open ppf account with them ?

    And what is the comparison of their services for ppf a/c between SBI and ICICI ?

    Thanks.

    1. rockingguy says:

      You do not need to have a bank account to open a PPF account with a bank

      It’s explained in this video in Smart Money (Episode 32) on Bloomberg India channel
      http://www.youtube.com/watch?v=kro-T1fYJYQ

  9. rockingguy says:

    As per Section 3.3 governing PPF accounts at ICICI Bank
    http://www.icicibank.com/Personal-Banking/investments/ppf/terms-and-conditions.html

    You can apply for passbook by putting written request at the designated base branch or simply log in to Internet Banking service to view PPF transactions

    1. Vivek says:

      yes that can be done, i have approached branch for the same and they will provide the same, but query is passbook even not reflecting that is for PPF, its seems like saving account passbook, what we require is, Bank should clearly mention that this is PPF account so it can be easily represent to IT department for tax exemption

  10. Sumit says:

    If you have internet banking facility, just taking the printout of the PPF account statements should work.

    Thanks
    Sumit

    1. Vivek says:

      Hi Sumit,
      yes we can do that but that statement only reflect account number and transaction details, no one can identify its as PPF statement.

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