ICICI Bank is offering an instant PPF account to customers through its new digital service. Existing customers at ICICI Bank can easily open PPF accounts instantly through the Aadhar e-KYC service. PPF is one of the most popular fixed income generating investments designed for achieving long-term objectives. PPF offers better returns in comparison to instruments like fixed deposits. Until a few years back, banks like the State Bank of India and PNB (Punjab National Bank) offered PPF account opening services.
However, a few private banks are also offering these services in recent times along with nationalized banks. Applicants were previously required to pay visits to their post office branches or banks in order to finish the PPF account opening procedure. The online system was restricted to simply filling out the application form online in case of account opening. The form had to be printed and submitted at the branch in tandem with KYC documents. Customers will no longer have to go to any branch and submit their documents according to ICICI Bank.
The ICICI Bank service is for existing customers who have savings bank accounts. For using this service, customers are required to login to the internet banking platform or mobile app of the bank and they have to confirm details like PAN, their address and requirements which are auto populated. They also have to key in details such as the deposit amount initially. The transaction and annual statements will be available via internet banking services. Aadhar-based e-signature and KYC systems are being used by ICICI Bank for finishing this procedure. You will have to give your Aadhar number and will get an OTP on your mobile number which is Aadhar registered.
Once the procedure is finished, you can see the PPF account number on your screen. You can transfer your PPF account from a post office/bank branch to another. However, with this new procedure, you cannot transfer the existing PPF account online to ICICI Bank. This has to be done through the offline procedure. You have to deposit your PPF transfer request to the post office or bank where you have the account at present. This request will be processed and original documents like the nomination form, account opening application and specimen signature will be transferred to the bank/post office branch you mention in your request in tandem with the demand draft or cheque of the outstanding balance in the account.
Once the new branch receives these documents, you will have to submit a fresh form for opening your PPF account along with the nomination form and original PPF passbook. You will also have to submit KYC documents afresh. You will then have a new PPF account with a new account number as well.