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Features of PPF Account
Opening and Management
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.
Deposits
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.
Interest Rate
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.
Tax Benefits
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.
Lock-In Period
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
Eligibility Criteria and Documents Required for a PPF Account
Open a Public Provident Fund
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Process to Transfer PPF Account to ICICI Bank?
PPF account can be transferred from one authorised bank or Post office to ICICI Bank.
PPF Withdrawal & its Rules
Withdrawal is allowed after 6 years from the end of the year in which the Account was opened.
You can withdraw up to 50% of the balance at the end of the 4th year preceding the year of withdrawal or the end of the preceding year, whichever comes before.
Only one partial withdrawal is allowed per year.
Public Provident Fund FAQs
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.
Public Provident Fund Blogs
What is PPF? PPF full form, meaning & interest rate explained.
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PPF Withdrawal Rules on Partial or Complete Withdrawal - ICICI Bank
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