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Enjoy tax benefits and experience the advantage of assured returns over the long-term with the Public Provident Fund (PPF) scheme. Backed by the Government of India, PPF is a popular long-term investment option that offers a high degree of safety to your investment capital.
You also get to earn interest at an attractive rate and reap returns that are fully exempted from tax. Investors even get facilities such as loans, withdrawals and extension of accounts.
PPF Account - Eligibility
The only eligibility criteria to open a PPF account is that you must be a resident Indian citizen. A PPF account can also be opened in the name of an eligible minor.
How to Apply For PPF Account
With ICICI Bank, opening a PPF account is simple and instant.
If you’re an existing customer of ICICI Bank, you can now open an online PPF account instantly.
Click the button below to do so.
Features and Benefits of PPF Scheme
The PPF scheme has many beneficial features. We’ve listed some of them here.
- Interest at an attractive rate of 7.1% that is fully exempted from income tax under section 80C
- Good long-term investment option with a tenure of 15 years
- Minimum deposit amount of ₹500 and maximum deposit amount of ₹1,50,000 in one financial year
- Deposits in multiples of ₹50
- Loan that can be availed between the third and the sixth financial year
- Partial withdrawal facility that can be availed after the completion of five financial years from the date of opening the account
- The option to extend the PPF investment tenure by a block period of five years after the maturity date
- Deposits that can be made in the form of cash, cheque, online fund transfers from ICICI Bank Savings Account or fund transfers from other bank accounts through NEFT
Benefits of PPF account in ICICI Bank
- Online fund transfers from your savings bank account that’s linked with the PPF account
- A standing instruction facility to ensure regular investments
- The option to view your PPF account statement online
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