ICICI Bank PPF Account

What is an ICICI Bank PPF Account?

ICICI Bank's PPF account is a secure and tax-efficient investment option ideal for long-term wealth creation. In 2025, it offers a competitive interest rate of 7.1% p.a., with the added benefit of tax-free returns.

Deposits made into the PPF account are eligible for tax deductions under Section 80C, up to Rs. 1.5 lakh per year. The minimum deposit is just Rs. 500, making it accessible to a wide range of investors. Although the account has a 15-year lock-in period, partial withdrawals can be made from the 6th year onward, providing flexibility for the investor.

Features of ICICI Bank PPF Account

The key features offered by the ICICI Bank PPF account are listed below:

• Investment & Returns: Currently, ICICI Bank offers PPF accounts with a 7.1% annual interest rate. The interest earned and maturity amount are completely tax-free.

• Maturity & Extension: The PPF account matures in 15 years. You can extend it in blocks of 5 years after maturity.

• Deposit Limits: A minimum deposit of ₹500 per year is required to keep the account active. The maximum annual deposit limit is ₹1.5 lakh. You can make up to 12 deposits in a financial year, but the total cannot exceed ₹1.5 lakh.

• Deposit Methods: Deposits can be made online via net banking or mobile app and offline through cash, cheque, or demand draft.

• Tax Benefits: Contributions qualify for tax exemption under Section 80C, up to ₹1.5 lakh per year. The PPF scheme follows an Exempt-Exempt-Exempt (EEE) tax status, making deposits, interest, and withdrawals tax-free.

• Online Access: ICICI Bank provides online services to check your PPF balance, manage transactions, and download account statements.

PPF Interest Rate of ICICI Bank 

• The PPF interest rate remains 7.10% p.a. (as of Q4 FY 2024-25).

• Interest is calculated monthly but credited annually.

• It is based on the lowest balance between the 5th and the last day of each month.

• To maximize returns, deposit before the 5th of every month to earn interest for the full month.

ICICI Bank PPF Account Calculator

The ICICI Bank PPF Calculator helps users estimate returns on their Public Provident Fund (PPF) investments. It considers factors like annual investment, tenure, and prevailing interest rates to calculate the maturity amount and interest earned. Policybazaar offers an easy-to-use PPF calculator for quick and accurate projections, helping investors plan their long-term savings efficiently. Always check the latest PPF rates before investing.

Eligibility Criteria to Open a PPF Account in ICICI Bank

The following criteria must be fulfilled to open a PPF account in ICICI Bank:

• Only Indian citizens can open a PPF account.

• Both adults and minors are eligible, but an individual can have only one account.

• Parents or guardians can open a PPF account for a minor.

• NRIs and HUFs cannot open a PPF account.

• The account matures in 15 years.

How to Open a PPF Account in ICICI Bank Online?

Follow the steps mentioned below to open an ICICI Bank PPF account online:

Step 1: Log in to your ICICI Bank account through net banking.

Step 2: Go to the Bank Accounts section and select PPF Accounts.

Step 3: Keep your Aadhaar card ready for verification.

Step 4: Fill in the required details, set up standing instructions, and complete the process with e-sign.

Step 5: Your PPF account is created! The amount will be debited from your ICICI Bank savings account.

ICICI Bank PPF Withdrawal Rules

• Partial withdrawal is allowed after 6 years from the end of the year the account was opened.

• You can withdraw up to 50% of the balance at the end of:

  • The 4th year preceding the withdrawal year, or

  • The previous year’s balance, whichever is lower.

• Only one partial withdrawal is allowed per financial year.

Documents Required for ICICI PPF Account

• Form A – Standard application form for opening a PPF account (available on the ICICI Bank website).

• Passport-size photograph – Recent photo for identification.

• PAN card copy – Mandatory for verification.

• Address proof – Any valid document like Aadhaar card, passport, or recent utility bill.

ICICI Bank PPF Account Benefits

The key benefits offered by the ICICI Bank PPF Account are as follows:

• Tax Savings: PPF offers Exempt-Exempt-Exempt (EEE) tax status, meaning both your investments and the interest earned are tax-free. You can also claim deductions up to ₹1.5 lakh annually under Section 80C.

• Safe Investment: PPF is a secure investment scheme, and ICICI Bank, authorized by the Ministry of Finance, ensures reliability in managing your account.

• Attractive Interest Rate: ICICI Bank offers an interest rate of 7.1% per annum, which is set by the central government and reviewed quarterly.

• Flexible Investment: You can invest up to ₹1.5 lakh in a financial year, allowing flexibility in your contributions.

• Loan Facility: A loan can be availed after 5 years from the account opening.

• Extension Facility: After 15 years, you can extend the PPF account in 5-year blocks.

• Online Access: ICICI Bank provides easy online access to manage and check your PPF account, with updates typically available 24 hours after account opening.

Conclusion

The ICICI Bank PPF account is a safe and tax-saving investment for long-term growth. It offers good interest rates, flexible contributions, and tax-free returns. The 15-year maturity period, with an option to extend, ensures steady growth. Whether you are saving for retirement or other goals, the ICICI Bank PPF account helps you reach your financial targets.