PPF or Public Provident Fund is a 15-year lock-in, highly secure, Indian government backed small savings scheme. The plan is subscribed to by a conservative investor class with a long investment horizon. Currently, the scheme offers 7.1 percent interest per year. Now, in addition to the post office, a PPF account can be opened with banks in India. So if you, as an ICICI Bank customer, want to open a PPF account with the bank, you can do it using the iMobile Pay app.
Note that the bank said in its tweet, “Secure your future and increase your wealth with Public Provident Fund (PPF). Manage your account digitally on the #iMobilePay app.”
Secure your future and increase your wealth with Public Provident Fund (PPF). Manage your account digitally on #iMobilePay app. You can:
?set standing instructions
— ICICI Bank (@ICICIBank) August 5, 2021
Here’s the step-by-step process to go through with it:
Steps to open a PPF account with ICICI Bank with iMobile Pay app:
1. You must log in to the iMobile Pay app with your mobile banking credential or 4-digit login PIN
2. Now you need to choose the ‘Invest and insure’ option and select PPF/NPS/Gold Bond below that
3. The next screen shows 3 options namely PPF, Instant NPS and Sovereign Gold Bond. If you do not hold a PPF account with the bank, it will say ‘You do not have any PPF accounts’, below that there will be an option ‘Apply now’, you need to click on that.
4. A note will flash stating that your Aadhaar card is ready for verification. Valid aadhaar is required to open a PPF account.
5. The next screen lists PPF benefits including tax benefit under Section 80C of Income Tax Act, annual investment of up to Rs. 1.5 lakhs and deposit amount as low as Rs. 500/year. Then you must give your consent that you have gone through the statement and agree to abide by it. Basically it is checked automatically.
6. Now you need to click on Let’s get started.
7. Now Instant PPF Account Procedure includes 3 steps as follows:
• You must enter the first deposit amount to open your PPF account. The initial investment in the investment route can be Rs. 500, Fr. 5000 and Rs. 10000
• Next, you must select a debit account, which is self-contained if you hold a single savings account with ICICI Bank.
• Nomination is also confirmed, with the bank asking whether or not you want to continue with the same nominee as the Savings Account at the bank.
• Then, on the same page, your personal information, including name, address, PAN, mobile number and email address, will be displayed. There is also the option of giving a mandate for regular investments in PPF.
8. When you click on the send option, you need to enter your Aadhaar number and click on Continue.
9. You will then need to re-enter your Aadhaar and request OTP.
10. Enter the received OTP and click on the ‘Send’ tab.
11. After the e-verification is completed, click on confirm. Your PPF account with ICICI bank will be opened and you can view and download your application.
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Story first published: Monday, August 9, 2021, 11:49 PM [IST]