Public Provident Fund (PPF) Offered by ICICI in India

Public Provident Fund (PPF) Offered by ICICI in India

PPF also known as Public Provident Fund is one of the most widely used saving scheme for small investors in India. This Scheme gives option to invest Maximum Rs.70,000 per annum tax free and with 8.5% annual returns.

In the 2005, ICICI Bank has announced that it will launch the PPF Scheme opening facility online for their customers. Here is the Announcement PDF.

ICICI Bank had claimed that it will give this facility in the online form so it will be hassle free for the customers. And it also started this facility in selected cities like Mumbai.

And many people had also joined this scheme also.

But well, According to the Mouthshut, ICICI Bank has silently withdrawn this facility and stopped providing the online support and even the customer support for their existing customers.

When the new customers started calling about the Online PPF Scheme, the Customer care is now telling that the facility is withdrawn. So Why ICICI Bank has withdrawn this facility is really a Mystery.

Anyways, Do you know that what’s going on the current world? Do you know that PPF Investment which was once upon a time considered to be one of the best investment in the country is now worthless?

Well, Yes. This is true. In fact, today Investing your money in PPF means actually losing it. Because the Inflation rate in India is 14% (July 2010) and the returns offered by PPF is just 8.5% annually. So actually you are losing money.

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