Individuals can open a PPF Account for themselves or on behalf of a minor or someone of unsound mind for whom they are the guardian. Each person can only have one PPF Account. The scheme does not allow the opening of Joint Accounts.
A minimum deposit of Rs 500 and a maximum of Rs 1,50,000 can be made in a financial year. Deposits can be made as a lump sum or in multiple instalments throughout the year, offering flexibility in managing contributions.
The PPF Account offers an attractive interest rate, which is compounded annually. The rate is set by the government and is higher than regular Savings Accounts, promoting growth over time.
Contributions to a PPF Account are eligible for Tax deductions under Section 80C of the Income Tax Act, up to a limit of Rs 1.5 lakh per year. The interest earned on the PPF Account, and the maturity amount are exempt from Tax, making it a Tax-efficient investment option.
The Account has a lock-in period of 15 years, promoting disciplined long-term savings. Partial withdrawals are allowed after the completion of five full financial years from the date of opening of the PPF Account, providing some liquidity in times of financial need.
More reasons to choose ICICI Bank’s PPF
Assured returns with low risk
Invest in a safe option and get assured returns
Completely tax free
Amount deposited upto Rs. 1.5 Lacs a year, interest earned yearly & maturity amount is tax free
Save small and build wealth
Build wealth over years by saving as small as ₹500 & maximum of ₹1.5 Lacs in a year
Loan against PPF
In an emergency? Avail loan against PPF between 3rd to 6th year
Assured returns with low risk
Invest in a safe option and get assured returns
Here are the eligibility criteria for a PPF Account:
1. To open a Public Provident Fund (PPF) Account, you must be a citizen of India. Both adults and minors can have a PPF Account, however, individuals can only open one Account in their name.
2. Parents or guardians can open a PPF Account on behalf of a minor child.
3. Non-Resident Indians (NRIs) and Hindu Undivided Families (HUFs) are not eligible to open PPF Accounts.
4. The maturity period is 15 years.
PPF account can be transferred from one authorised bank or Post office to ICICI Bank.
At the existing bank/post office
1. Submit PPF transfer request.
2. The bank/Post office will send the following original documents:
1. Customer will be informed about receipt of transfer of documents
2. Customer is required to submit the following:
The Public Provident Fund (PPF) Scheme is well-known for its Tax advantages under Section 80C of the Income Tax Act. A PPF Account is a popular long-term savings and investment option in India for any Indian citizen.
Here is why it is important:
PPF has a lock-in period of 15 years, and you cannot fully withdraw your investment before this term ends. This long-term commitment encourages disciplined savings and helps build a substantial corpus over time.
However, partial withdrawals are allowed after 5 financial years, and you can take a Loan against your PPF balance after the 3 rd year. The lock-in period makes PPF an excellent tool for long-term financial goals like retirement planning or funding your child's education.
When can I view my PPF account online?
PPF account can be viewed online post 24 hours from the time of account opening.
What is the maximum Standing instruction period?
A standing instruction can be set for 15 years or till the maturity of PPF account.
Can I get tax benefit on my PPF investment?
Tax benefits can be availed under section 80C for the amount invested. The interest accrued is tax free.
Can a standing instruction be set while opening an online PPF account?
Yes. Standing instruction can be set while opening an online PPF account.
Is setting a standing instruction mandatory while opening an online PPF account?
No. Customers can open an online PPF account without setting any standing instruction.
Can NRI’s open a PPF account?
No. A PPF account cannot be opened by NRI’s.
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