New Delhi: Public Provident Fund (PPF) is one of the tax saving investment options offered by India’s second-largest private bank ICICI Bank by asset size. Other than the Public Provident Fund (PPF) facility, the Mumbai-headquartered lender ICICI Bank offers a bunch investment schemes such as the conventional fixed deposits (FD), tax savings fixed deposits (FD), recurring deposits (RD), etc. All the resident Indians can open ICICI Bank Public Provident Fund (PPF) account for themselves and on behalf of the respective minors.
Here all the ICICI Bank customers are eligible to open ICICI Bank Public Provident Fund (PPF) account through ICICI Bank net banking. Also, the ICICI Bank customers can transfer funds in the ICICI Bank PPF account from the linked savings bank account through ICICI Bank net banking, ICICI Bank mobile banking. ICICI Bank also offers the facility of standing instruction in order to ensure regular investment in ICICI Bank PPF account. Customers can check their PPF account statement through ICICI Bank online banking.
ICICI Bank Public Provident Fund (PPF) account interest rate: The interest rate offered on ICICI Bank PPF account is fixed at 8 per cent per annum. Useful details here :
PPF account deposit limit: In the ICICI Bank PPF account, an individual is allowed to deposit a minimum of Rs 500 and maximum sum of Rs 1.5 lakh in a particular financial year. Further, in a respective financial year, an individual is allowed to deposit the money in a maximum of 12 transactions to the tune of up to Rs 1.5 lakh.
PPF account tax benefits: A customer can avail the income tax deduction of up to Rs 1.5 lakh on investments made in ICICI Bank PPF account in a corresponding financial year under Section 80C of the Income Tax Act. Notably, the interest earned on PPF is exempt from tax and the amount at the time of maturity is also tax-free.
PPF account tenure: To avail the income tax benefits, there is a lock-in period of 15 years on Public Provident Fund (PPF) account. ICICI Bank PPF account can be extended in a block period of 5 years after maturity.
PPF account premature withdrawal: Though there is a lock-in period of 15 long years on PPF account, ICICI Bank allows partial withdrawal facility to the all the PPF account holders from the seventh year.
ICICI Bank said that as per ICICI Bank, the deposits to Public Provident Fund (PPF) accounts currently can be made in the form of cash, cheque and online funds transfer from ICICI Bank savings account. Facility for electronic funds transfer through other bank accounts using NEFT will be enabled shortly,
