Public Provident Fund (PPF) is one of the favorite investment product of many investors. Tax benefit under Sec80C upto Rs.1,00,000 p.a. with safe and steady returns of about 8% p.a. compounded annually. The interest rates are changed from time to time and the new rates are applicable to old and new investors.
Previously, one could open PPF account in post office and State Bank of India (SBI) designated branches. But now, one can open it via ICICI Bank also and that too online.
Here are the steps to open PPF account online:
Visit the official website of ICICI Bank at http://www.icicibank.com and login to your internet banking using your userid and password.
Step 1: Now, on the main screen, on the left side, click on "PPF Account Online"
The following screen will come up.
Click on Apply for a PPF account button.
Step 3: The following screen will come up.
Choose your debit account and click on Go button. Your name, PAN card no. and internet banking ID will automatically be filled in the form and you can not modify these fields.
Now, just fill up the remaining form and click on download application form link at the bottom of the screen. You also need to download Nomination form, link given on the same screen.
Fill the forms, sign them, attach your PAN card copy, 1 photograph and submit to your nearest branch.
Also, note that there are only few designated branches of ICICI, where you can open your PPF account online. The list is mentioned at http://www.icicibank.com/online-services/public-provident-fund/designated-branches.html