ICICI Bank, one of the largest private lenders in the country, announced the launch of its online public provident fund (PPF) account for its customers. Through this digital service, customers can open PPF accounts without furnishing any paper documents to the bank. The account can be opened online, and it will be maintained entirely online. With the launch of online PPF, ICICI claimed that it is the first lender in the country to introduce a completely digital PPF account without the need to furnish any documents.
This new process allows customers to open or maintain a PPF account at their own convenience without having to visit a branch for this purpose. The facility is available 24X7 irrespective of the day or time. Customers can access their online PPF accounts by logging into ICICI internet banking or using the bank’s mobile application.
The PPF account in ICICI Bank can be accessed from the “My Accounts” section in a customer’s login account. Most of the existing details such as PAN card, address, etc. will be auto populated in the website while creating the account for the first time. Aadhar authentication is also required for opening the account. Once these details are entered, the account is ready for use.
Customers can choose the desired initial deposit amount during the account opening process. Regular monthly deposits can be automated in the website. Other information such as annual PPF statement can also be taken directly from the bank’s website.
PPF is one of the popular investment options in India. This scheme is backed by the government, and it allows flexibility in investment according to the preference of customers. In addition to offering attractive interest rates, it also ensures investment safety for accountholders. Returns obtained from this scheme are completely exempt from tax. With this range of attractive benefits, PPF serves as a valuable investment tool for salaried professionals.