Mumbai: ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a digital service that enables customers to open a Public Provident Fund (PPF) account instantly and in a completely online and paperless manner. With this new facility, customers of the bank are no longer required to visit a branch and submit physical documents to open a PPF account. They can now conveniently open a PPF account anytime, anywhere using the bank’s digital channels of internet and mobile banking.
In a bid to enhance customer experience through digitization of prominent investment products, ICICI Bank has worked closely with the Ministry of Finance to pioneer a completely online proposition for opening a PPF account.
ICICI Bank is the first in the country to introduce a fully digital and paperless procedure for opening a PPF account.
Talking about the launch, Anup Bagchi, Executive Director, ICICI Bank said, “At ICICI Bank, our philosophy is ‘Ready For You. Ready For Tomorrow’, wherein we are committed to offer innovative products and services to our customers at the fastest possible speed and with the highest level of convenience. We are delighted to have worked closely with the Ministry of Finance to create an online proposition for instant creation of a PPF account, removing the requirement of a customer having to visit a branch to submit documents. We are the first bank in the country to offer this innovative service, that enables our customers to open a PPF account completely digitally and at an unprecedented speed. This initiative is among the slew of digital initiatives that we have worked upon to make tax savings solutions convenient completely online - including FD, Life & General Insurance and tax saving mutual funds”