Are you an ICICI Bank customer? Then here is some good news for you. Now you can also open a PPF account online. ICICI Bank, in fact, has announced the launch of a digital service that enables its customers to open a Public Provident Fund (PPF) account instantly, in a completely online and paperless manner. With this new facility, customers of the bank are no longer required to visit a branch and submit physical documents to open a PPF account. They can now conveniently open a PPF account anytime, anywhere using the bank’s digital channels of Internet and mobile banking.
In a bid to enhance customer experience through digitization of prominent investment products, ICICI Bank has worked closely with the Ministry of Finance to pioneer a completely online proposition for opening a PPF account. With this, ICICI Bank has become the first in the country to introduce a fully digital and paperless procedure for opening a PPF account, it said in a press release.
Talking about the launch, Anup Bagchi, Executive Director, ICICI Bank said, “We are delighted to have worked closely with the Ministry of Finance to create an online proposition for instant creation of a PPF account, removing the requirement of a customer having to visit a branch to submit documents. We are the first bank in the country to offer this innovative service, that enables our customers to open a PPF account completely digitally and at an unprecedented speed. This initiative is among the slew of digital initiatives that we have worked upon to make tax-savings solutions convenient completely online – including FD, life and general insurance and tax-saving mutual funds.”
Available 24×7 and on all days, customers can login to the Internet banking or mobile banking and apply for a PPF account conveniently in just a few steps. Here is how it works on Internet banking:
# Login into the bank’s retail internet banking account: You need to login to your retail internet banking account. Then click on open PPF account in the ‘My Accounts’ section.
# Confirm details and deposit amount: You are required to confirm auto populated details like PAN, address among others and enter initial deposit amount. You can also choose to add more money to the account via a monthly standing instruction.
# Authenticate using Aadhaar: You need to enter your Aadhaar number followed by the Aadhaar OTP to confirm online PPF account opening.
On submission of the above, your PPF account will be created instantly within a few seconds. The account number of PPF is displayed instantly. For the convenience of customers, the statement of transaction as well as the annual statement of the PPF account is available on Internet banking. You can follow similar steps to open the PPF account from your mobile banking as well.