ICICI Bank rolls out instant opening of PPF accounts

TNN Mumbai: ICICI Bank account holders will be able to instantly open

public provident fund

(

PPF

) accounts in a paperless manner with the launch of a new digital service by the bank. The new e-service is available both on the internet and mobile banking platforms.

ICICI Bank is the first in the country to introduce a fully digital and paperless procedure for opening a

PPF account

, which is part of the government small savings schemes that are eligible for tax deduction.

According to ICICI Bank’s executive director Anup Bagchi, the lender has worked closely with the finance ministry to create an online proposition for instant online account opening. “This initiative is among a slew of digital initiatives that we have worked upon to make tax saving-solutions convenient, completely online — including FD, life & general insurance and tax-saving mutual funds,” said Bagchi.

The account opening requires customer authentication using Aadhaar. The customer needs to enter his/her Aadhaar number followed by the Aadhaar OTP to confirm online PPF account opening.


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