India-based private sector lender ICICI Bank has rolled out a new digital service that allows customers to open a public provident fund (PPF) account through internet banking or mobile banking.
The new e-service eliminates the need for furnishing paper documents and saves consumers’ time as they do not have to visit the branches.
Customers can avail the service round the clock by logging in internet banking or mobile banking, and then apply for a PPF account conveniently in just a few steps.
Once the customers login to their retail banking account on the ICICI Bank website, they will have to confirm auto-generated details like Permanent Account Number (PAN), address, and fill in the initial deposit amount. The customer may also select to add more money to the account through a monthly standing instruction to the bank.
To complete the process, customers will have to submit their Aadhaar number to confirm opening a PPF account through the online service. As soon as the process is completed, a new PPF account will be created instantly.
ICICI Bank executive director Anup Bagchi said: “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.”
With the new service, ICICI Bank has become as the first lender in the country to launch a fully digital and paperless procedure for opening a PPF account.