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.
- 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.
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.
Fig 5: SBI PPF have option to generate statement in PDF format
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.
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.
- 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:
- Mini Statement: With new interface you have now option to generate PDF statement. But it is again of no use.Fig 13 : New Interface of ICICI PPF Mini Statement. A/C Type & A/C Hoder’s Address missingFig 14 : New Interface – ICICI PPF Mini Statement in PDF Format. A/C Type & A/C Hoder’s Address 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”.
- eStatement section where you can get old monthly statement in Excel or PDF Format again not listing PPF A/C Fig 17: New Interface of ICICI PPF eStatement does not show PPF Account
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.