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Ms Chanda Kochhar, Executive Director, ICICI Bank, and Mr H. P. Rao, Controller General of Accounts, Ministry of Finance, at the launch of ICICI Bank online PPF scheme and Senior Senior Savings Scheme in Mumbai on Friday. -- Paul Noronha

Mumbai , July 1

ICICI Bank on Friday launched an online Public Provident Fund (PPF) account, which the customers can access easily.

The bank has been authorised to collect funds for PPF at branches mandated by the Ministry of Finance. It can also receive subscriptions and act as a collecting and servicing agent for the Senior Citizen Savings Scheme, 2004. There will be no charges levied for these services.

Customers opening PPF accounts through ICICI Bank can log on to their Internet banking accounts and transfer money from their savings accounts into the PPF account. They can request for loans, withdrawals etc online. Other features of the PPF scheme such as interest rate and tax benefits will be available online as per the prevailing rules and guidelines of the PPF scheme. PPF desks will also be designated at ICICI branches.

The collection of the Senior Citizen Savings Scheme is being launched initially in Mumbai and Delhi, followed by a phased nationwide roll-out.

Ms Chanda Kochhar, Executive Director, ICICI Bank, said that with changing demographics and better availability of consumer finance, the retail sector was poised for growth.

Mr H.P. Rao, Controller General of Accounts, Ministry of Finance, who was at the launch function, said that taxes were increasingly being collected through public sector and private sector banks. The RBI was gradually withdrawing from managing the budgetary expenditure of the government Ministries and routing it through 28 public sector banks and four major private banks, he said

The target for PPF this year was pegged at Rs 20,000 crore, said Mr G.P. Gupta, Chief Controller of Accounts.

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