How SBI PPF is far better than ICICI PPF

As many of us are aware that ICICI has started online PPF account facility almost one year ago. If you are having ICICI bank account with internet banking then you must have observed a link there for “Open PPF Online”. But the ICICI branches where this PPF Account can be opened are very less in numbers as compared to State Bank of India (as almost every branch of State Bank of India has this PPF Account facility). Because of this fact it takes around 15 days to open a PPF Account in ICICI Bank. For Delhi NCR, only Connaught Place (Delhi) Branch has this facility. If you want to open a PPF Account with ICICI Bank then you need to make a visit to the nearest ICICI bank branch and they will take your signed form(it is very different than that you get at SBI for the same purpose) along with Address proofs. Moreover your Saving Bank Account should be at least 5 years old. They may ask you to fill the KYC form if you have not submitted earlier. You can mention the initial amount in PPF Account opening form; this amount will be debited from your saving bank account. After almost 15 days you will be able to see your PPF Account listed at the welcome page of your ICICI Internet Banking. You won’t get passbook from ICICI Bank for your PPF Account. Now you can transfer, generate statement etc. using internet banking.

But if you compare the features provided for PPF by SBI with that of ICICI then you will feel that it is always better to open PPF Account at SBI. For everyone’s help I have compared the features and problems faced by many people including me. I have mentioned below comparison of features provided by ICICI vs. SBI:

  • You can open a PPF Account in SBI even if you don’t have a Saving Bank Account in SBI. But in ICICI you need to have at least 5 years old Saving Bank Account in ICICI bank.
  • In SBI it is available in almost every branch but in ICICI it is available in only few branches. For Delhi NCR it is only there in Connaught Place, Mayur Vihar and Noida Sector – 50 Branch.

ICICI_MainPageFig 1: Welcome Page of ICICI Bank after linking of PPF Account

SBI_MainPageFig 2: Welcome Page of SBI after linking of PPF Account

  • It is only one hour work(as per the rush in Bank) or more in SBI but in ICICI it will take almost 15 days (For Branches which are designated for PPF A/C facility, it will take only 30 minutes or so. But as of now there are only 42 branches of ICICI).
  • You will get a passbook in SBI with specific mention of Account Type but you won’t get the same in ICICI Bank. As per ICICI Website you need to request separately for Passbook. But I came to know that Passbook provided by ICICI bank is same as that of Saving Bank Account and it does not mentions Account Type as PPF.
  • you can add SBI PPF as an beneficiary A/C in SBI internet banking(or internet banking of any other bank including ICICI. Refer this site for step by step instruction: http://www.jagoinvestor.com/2011/12/ppf-account-online-investing-netbanking.html) and set the repeat transfer option. But you can’t do the same for ICICI. ICICI PPF Account cannot be added as beneficiary account to internet banking. But you can make online transfer in case of both the banks. You can see in Fig 1 there is a “Transfer Funds” option with PPF Account in ICICI Bank.
    - For those who don’t have Saving Bank Account in SBI, I would like to let them know that now it has become very easy to open a Saving Bank Account in SBI as no introducer is required and there is no need to maintain a minimum balance. Moreover you can fill Saving Bank Account Opening form online and carry the printouts to Bank. In this way Bank Officials don’t need to enter your details into system and Account opening process will take less time.
  • As mentioned in last point that ICICI PPF can not be listed as beneficiary Account so you can’t set a repeat option for PPF with ICICI Bank. You can see the fig 3 and fig 4 for the same.

ICICI_PPF_Fund_TransferFig 3 : ICICI PPF Fund Transfer page does not have an option for repeat transfer

SBI_Repeat_Transfer

Fig 4: SBI PPF Fund Transfer has an option to set the frequency of fund transfer

you can generate statement online in both the banks, but statement generated by ICICI internet banking will serve no purpose as it is same as Saving Bank Account Statement. PPF statement generated from SBI internet banking specifically mention the Account Type: PPF Account but in case of ICICI bank it would be exact same as Saving Bank Account Statement. Moreover there is no option to generate a statement in PDF format in ICICI Bank.SBI_StatementPage

Fig 5: SBI PPF have option to generate statement in PDF format

PPF_MiniFig 6: ICICI PPF Mini Statement. A/C Holder Name, A/C Type & A/C Hoder’s Address missing

PPF_Mini_PrintFig 7: ICICI PPF Mini Statement Print Preview. Same information as shown on screen.

PPF_DetailFig 8: ICICI PPF Detailed statement. All relevant details missing

SBI PPF Statement mentions  your address, Bank Branch, Type of Account, interest rate etc. But ICICI PPF will have only A/C number and no Branch detail, no Type of A/C and no Address, no Interest rate. Moreover not in PDF Format.SBI_PPF_Statement

Fig 9: SBI PPF Detailed statement with all relevant details

  • you can get PPF statement on your passbook in SBI, you can get the same in case of ICICI (if they provide you Passbook on request) as well but again it will be of no use as it will not mention the type of A/C in PPF Passbook.
  • If you get statement (not on passbook) in ICICI bank it will again not contain any information regarding Account type. It is having same format as that of saving bank account statement. Moreover they may charge Rs. 110 + service tax if you want statement more that 1 quarter old.

ICICI_PPF_Branch_StatementFig 10: ICICI PPF statement obtained from Branch (A/C type not mentioned in format. Same is hand written on request)

SBI_PPF_PassbookFig 11: SBI PPF Passbook (A/C type mentioned at the very first line)

  • In case of death of A/C holder passbook can be found (For SBI) at home so nominee can know about PPF A/C of deceased and apply for withdrawal. But for ICICI PPF if A/C holder has not provided Account details to nominees(or family members)  then no one will be there to get the PPF money. You may feel this point strange but this should also be taken into consideration.

You are requested to put your  valuable suggestion in comments section. I tried to compare as per a customer’s perspective. I hope this post will help you to decide better for your PPF A/C. Please read my new post on How to transfer your PPF from ICICI Bank to SBI

Update on April 18, 2014: Yesterday only I got an email from ICICI Bank requesting to experience new enhanced version of Internet Banking. So I again visited all the options provided for online PPF A/C and got disappointed as there is not major change in it and almost all the issues listed above still exists. So I am putting screenshots from new interface for all the old interface related issues:

  • No Option for repeat transfer:

New Interface PPF TransferFig 12 : New Interface of ICICI PPF Fund Transfer page – no option for repeat transfer

  • Mini Statement: With new interface you have now option to generate PDF statement. But it is again of no use.New Interface PPF Mini StatementFig 13 : New Interface of ICICI PPF Mini Statement. A/C Type & A/C Hoder’s Address missingNewInterface PPF Mini Statement PDFFig 14 : New Interface – ICICI PPF Mini Statement in PDF Format. A/C Type & A/C Hoder’s Address missing

NewInterface_PPF_DetailStatementFig 15: New Interface of ICICI PPF Detailed statement. Better than old one but A/C Type and A/C Holder’s Address again missing

Below is ICICI PPF Detailed statement and it is coming blank. Might be some technical issue. Moreover Account type is showing as “All” and not “PPF Account”.

New Interface PPF Detail Statement PDFFig 16: New Interface of ICICI PPF Detailed statement in PDF Format. Better than old one but A/C Type and A/C Holder’s Address again missing

  • eStatement section where you can get old monthly statement in Excel or PDF Format again not listing PPF A/C NewInterface_eStatementAccountTypeFig 17: New Interface of ICICI PPF eStatement does not show PPF Account

NewInterface_eStatementAccountNumbersFig 18: New Interface of ICICI PPF eStatement lists only A/C Numbers of Saving A/C and Current A/C

Once more I tried to compare features of Internet banking of both the banks. The PPF A/C which is used to take screenshots in this post is in process of transferring to SBI as you can observe the same in statements. Please read my new post on How to transfer your PPF from ICICI Bank to SBI. You are again requested to put your  questions/suggestions in comments section.

55 thoughts on “How SBI PPF is far better than ICICI PPF

  1. Kumar

    ICICI is cheat & fraud in PPF. They are charging me Rs. 350 every year for non-maintanence of PPF account. I had opened PPF with first year deposit but not doing any deposit after that.

    Charges/fees on PPF account are unheard of. Is anyone aware of the RBI rules on this, whether a bank can charge for any non-maintanence of PPF?

    Reply
    1. admin Post author

      Thanks for this information. I think ICICI bank is doing the same as it does for not maintaining a minimum balance in saving bank account. This is not right. You should fight or transfer it to SBI. You can read my another post form transfer of PPF from ICICI to SBI.
      As per: http://en.wikipedia.org/wiki/Public_Provident_Fund_%28India%29
      If any contribution of minimum amount in any year is not invested then the account will be deactivated. To activate you need to pay Rs.50 as penalty for each inactive year also you need to pay Rs.500 for each inactive year’s contribution.
      Hope this helps.

      Reply
  2. deepak agarwal

    I am working in gujrat if i open ppf acc. in gujrat in any sbi then switch the job to west bengal. Would i able to withdraw the money from any sbi in bengal or i have to come to gujrat??

    Reply
    1. admin Post author

      Thanks for your comment.
      As of current rules you will have to visit the branch where you have your PPF account. But if you are planning to open ppf account now then after 15 years many thing might change so can’t say anything about it.

      Reply
  3. Shantanu

    Hi,
    I’m having PPF account in one SBI branch1 & Savings A/C in another SBI branch2.
    I want to link this PPF account to my SBI branch2 where i’m having Savings A/C.

    Please let me know how to get it done?

    Regards

    Reply
    1. admin Post author

      Thanks for your comment.
      Yes it is possible. Just add your PPF account for fund transfer. Once you do the transfer of any amount(like Rs. 50 or so) it will automatically get linked to your online sbi.

      Reply
  4. surya

    Hi i am having PPF account in SBI and i want to maintain in SBI only,but i want to transfer fund through ICICI net banking ,is it possible please replay to me

    Reply
    1. admin Post author

      Thanks for comment.
      Yes, it is possible. You just need to add you PPF A/C to your ICICI Bank account in a similar way you add any saving bank account for transfer.

      Reply
  5. Arpit

    thanks for writing this blog.
    I hv ppf a/c in SBI Nagpur branch for 2 years. Now, i hv shifted to Banglore. So, can i operate it online or i hv to tranfer the branch of my ppf a/c(if its possible?).
    thanks in advance

    Reply
    1. admin Post author

      Thanks for your comment.
      It is your personal choice whether you want to transfer or not. But you can make contribution and generate statement online from anywhere in the world. Yeah if you want to update your passbook or contribute in cash/cheque by physically visiting other branches then they may have some restriction regarding timings for other branch accounts.

      Reply
  6. Aravind

    Hi Raj

    Thanks for narrating a detailed and informative story. But 1 question on ICICI PPF. I had opened a PPF in ICICI this week. Is it really safe there ? Since my question is, if in case ICICI gets Bankrupt within the 15 years of the tenure, what will happen for my PPF amount(s) that I’d put over my PPF ? Will I be another person who is writing a complain and waiting for many months / years for my money to come back !! Or it does not matter even if ICICI is bankrupt ?

    Reply
    1. admin Post author

      Thanks for your comment.
      Your money is always safe. ICICI Bank is just a medium for collection of money for PPF. Your money is always with government.

      Reply
  7. Pingback: Transfer PPF from ICICI to SBI | curiouslogic.in

  8. Ajit K jha

    Hi. Please Tell me it is necessary to have an saving account in SBI for PPF account.
    and my second question is can i open this account for myself..age31.

    Reply
    1. admin Post author

      Thanks for your comment. It is not required to have a saving bank account to open PPF in SBI bank. But without having a saving bank account you will not be able to view/generate statements online. You can make neft transfer using any saving bank account of any bank. Anyone of age between 18 to 65 can open a PPF account.

      Reply
  9. Amit

    Hi,

    I have saving account in SBI bank in Maharashtra n currently I am working in Bangalore. So can I open the PPF account in SBI Bangalore branch. But I don’t have any address proof from Bangalore.

    Reply
    1. admin Post author

      Yes you can open the PPF accounts in SBI Banglore branch. If you have saving bank account in ICICI bank then you can change your address online using internet banking. Then get statement from ICICI Branch. This statement can be used to make other address proofs like Gas Connection, Voter Card, Aadhaar Card, passport etc. Many other private banks like Standard Chartered also provide facility to change your address online without any existing address proof.

      Reply
  10. vinod ram

    Thats a great information u have shared with us. One confusion I have about PPF account.
    If I will open PPF account on my daughter name who is currently of 6 years. PPF matures after 15 years i.e. when my daughter will be at the age of 21 years.
    Now my question is whether it will be possible for her to open a new ppf account on her name again as as per ppf norms only one account is possible?
    Waiting for your reply.

    Reply
    1. admin Post author

      She does not need to open PPF Account at all. Account opened by you will be operated by her only. All the maturity amount will be income of the child itself. There is an option of extending accounts after the 15 year tenure with or without further subscription, for any period in a block of five years. The balance in the account will continue to earn interest at normal rate as admissible on PPF account till the account is closed. In case the account is extended without contribution, any amount can be withdrawn without restrictions. However, only one withdrawal is allowed per year.
      If you continue the account after 15 years, with continued deposit, withdrawal up to 60 per cent of the balance at the beginning of each extended period (block of five years) is permitted.

      Reply
  11. Smitalaw

    Hi admin,
    My sbi account is in u.p and am working in Bangalore,want to open my ppf account in Bangalore, is it possible or what am suppose to do please advice.

    Reply
  12. Pratik

    Hi,
    I recently opened PPF A/c with ICICI bank. After reading this i think i should switch to SBI. so can i switch from my icici PPF a/c to sbi bank. if yes, what is the process?

    Reply
    1. admin Post author

      You need to visit the Branch where you submitted your application for opening PPF Account. Ask them and they will give you a form. You need to fill the form as well as write an application on plain paper. You need to mention the Branch Name and Branch Code of SBI where you want to transfer your PPF Account.
      If they say that transfer is not possible then be rigid and tell them it is possible and meet Branch Manager(if required). After submission of form it will take some time like few weeks or more than a month.

      Reply
  13. Manoj

    Hii Admin,

    I have a running PPF A/c for the last 12 years in a Post office.
    Can i switch it to an online A/c with SBI? If so what is the process?

    Thanks.

    Reply
  14. Manoj

    Very Interesting insight.
    Thanks.

    Have a query..want to open a PPF account online for my daughter as well as my sisters daughter?
    Is that possible? will that be linked to my account like my daughters ppf account?

    Reply
    1. admin Post author

      Thanks for your comment.
      You can fill form online both for ICICI and SBI from your online banking but you need to visit branch at least once for both the banks. You can link PPF A/C opened in your name only to your online banking. But for SBI you can make online contribution from any bank after adding it as third party A/C. So if PPF A/C is not your name then you can make online transfer only. But if PPF A/C is in your name then you can view transaction history as well as generate statement from online banking.

      Reply
      1. Manoj

        Thanks Admin.
        Will immediately open 2 PPF A/c with SBI and transfer funds to them from my icici a/c online.

        Reply
  15. abhishek

    Mr admin plz don’t misguide citizens ..both of bank are doing it smoothly n it took me 15 min @icici for my ppf …fyi almost each n evry Delhi ncr branch of icici doing the same n wat a service with excellence they are giving which iz far better than sbi…plz think before writing..hv a nice day

    Reply
    1. admin Post author

      Thanks for your comment. If you don’t visit the designated branches of PPF in ICICI bank then you won’t get your PPF A/C number then and there and it will take time to reflect in your online banking. I never said that ICICI is not providing smooth service. I just compared the features provided in online interface of both the banks. If you can’t generate a meaningful statement online or after visiting the branch then will you consider it as user friendly. Please read the post completely and compare with your online PPF in ICICI bank internet banking interface and then please post comment here again.

      Reply
  16. Anwer Alam

    I want to open PPF Account in SBI and location of my account branch is much far away .Is it possible to open PPF account in another SBI branch. could you please share the procedure for the same.
    Thanks in advance.

    Reply
    1. admin Post author

      You can open PPF in any nearest branch of SBI and then you can link it to your Online SBI. It is not required to open PPF in the same branch where you have Saving Bank A/C. You can easily link your PPF A/C to your Online SBI. Moreover you can generate PPF A/C opening form from OnlineSBI and get sign of witnesses. In this way you would not have to request to anyone at branch for signature.

      Reply
    2. PPF - Dost

      Yes, My Main A/c is SBI – XYZ branch and my PPF A/c is SBI – ABC branch (other city) and i linked my PPF A/c to main A/c and managing both accounts successfully.

      Reply
  17. Hemanth

    Hi,

    I am not sure about your point that almost all SBI branches provide PPF accounts. As per my knowledge, most of the SBI branches in villages are not having the facility to open a PPF account.

    Regards,
    Hemanth.

    Reply
    1. admin Post author

      Thanks for your comment.
      I don’t have any idea about rural branches of SBI. But ICICI have only 42 branches as of now in India which are having PPF facility. So if you are living in any state in India then ICICI branch with PPF facility is in capital of state or any major city. But I don’t think same situation is there for SBI. Even if rural SBI branch not having PPF then the SBI branch at your district headquarter must be having PPF facility. You can approach there.

      Reply
  18. Ashish

    Thanks I read the comments and was really useful.. I have a query if I open a PPF now .. i.e. Mar 14.. will it count as one year for the block of 15 years.. Meaning for one month .. one year will be counted which is FY 13-14 ?

    Appreciate your prompt reply.. thanks

    Reply
        1. admin Post author

          No you got it wrong. If you open by 31st March (rather than opening on or after 1st April) then you will get benefited for one year.

          Reply
          1. Ashish

            So If I open now i.e Mar 14.. this FY will be counted in 15 years or not.. is my question for clarification ?

  19. Gaurav Walia

    Hi,

    Can you also check whether there is an option for downloading the pdf statement from the ‘e-statement’ tab on top right (next to Reward Points).

    I think this particular link should provide the right statement. Well, if it doesn’t, please let me know here.

    Thank you.

    Expecting a prompt reply

    Reply
    1. admin Post author

      Thanks for your comment. using eStatement link in upper right corner you can get old monthly statements for your saving bank account and current account only not for ppf account.

      Reply
  20. Murali

    Thanks for the information. It is really nice blog that compares ICICI and SBI. One question, that I tried to find answer by myself – but failed, is where can I find the list of SBI branches that offer PPF? Please help if anyone has information.

    Reply
    1. admin Post author

      Thanks for your comment. Almost all branches of SBI have PPF Account facility. You should visit nearest branches of SBI.

      Reply
      1. Murali

        I am planning to visit an SBI branch nearby (for opening a Savings Account and a PPF account). I will post another reply with my experience, soon after that.

        Reply
        1. admin Post author

          Thanks for the update. You don’t need a saving bank account to have a ppf account with sbi. But to avail online transfer to ppf you should have saving bank account with online banking. So first open a saving bank account and then open a ppf account.

          Reply
  21. sreenivas

    Hi,
    I do have an PPF account with ICICI and i want to transfer that to SBI. Please update as soon as possible how to do this?

    Thanks
    Sreni

    Reply
    1. admin Post author

      First of all you need to visit the SBI branch where you want to transfer your PPF A/C. Confirm that if they have PPF facility(almost all SBI Branch have this facility). Once you get a positive reply from SBI then visit ICICI branch and write an application on plain paper for transfer. ICICI bank will then provide you the DD for your amount. After that you need to visit SBI and apply for PPF A/C. I have got this information from SBI branch but don’t have any personal experience or any other’s experience about the same. As soon as I do the same I will write about it. In the mean time if your do the transfer from icici to SBI then please share your experience here.

      Reply
  22. P P Verma

    I visited an ICICI bank branch at Samastipur (Bihar) today for opening a PPF a/c. They did not disclose their many drawbacks. It is only after doing a lot of thinking, surfing through many sites and reading your comparison I came to know the reality. Incidentally my many conclusions matched yours.They even did not inform me that their branch was not even one of the designated branches and that they would not issue a passbook to me. Thanks God ! my a/c was not opened. I will visit an SBI branch tomorrow. Hope getting positive experience.

    Reply
    1. admin Post author

      Thanks for your comment. I come to know about these issues by my personal and others experiences only. No Bank official will tell about these things to a customer.
      For your kind information today is Shiv Ratri and it is an official holiday I think, so better visit SBI branch on any other day. All SBI branch may not have PPF facility but most of the branches have. Moreover if you have onlinesbi then your life would be lot easier. I have put some more information on this topic you can read it again.

      Reply
  23. manu

    You have mentioned that it will take 15 days to open a PPF account with ICICI. For me it only took an hour and I was given the account number immediately. I opened it at MG Road, Bangalore.

    Reply
    1. admin Post author

      Thanks for your comment. The branch where you opened your PPF A/C is having PPF facility itself. As I have mentioned in my blog the case of Delhi NCR(Noida & Gurgaon), only Connaught Place branch have PPF facility. So if someone goes to Connaught Place branch(in Delhi) then it will be opened then and there. I found list of all the branches having PPF facility: http://www.icicibank.com/online-services/public-provident-fund/designated-branches.html
      your branch is listed very much there at serial no. 16.
      Again thanks for your comment. Your comments is always welcome.

      Reply

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