Earlier, the PPF service was offered offline
ICICI Bank has launched an online Public Provident Fund (PPF) account through which customers can access their PPF accounts online.
This is for the first time that customers can open a PPF account from a private player or private bank. Earlier, customers could open their PPF accounts only through the post office or State Bank of India (SBI). Investments made in PPF are exempt under Section 80C of Income Tax. PPF offers tax free interest rate of 8.8%. Previously, to open a PPF account customers had to visit either an SBI branch or post office in person. The service was offered offline.
But now, customers can open their PPF accounts online through their ICICI Bank Savings account if they have net banking facility. Once customers open their PPF accounts, they can view, access or print their PPF account statements. They can also make payments online with ease.
Read more on PPF
How to get the right retirement plan
Instruments that will help you save tax
PPF withdrawal calculator