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.
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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.”
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By GlobalDataWith 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.
