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ICICI Bank has launched an online Public Provident Fund account through which customers can access their PPF accounts online.
The bank has received authorisation to collect funds for PPF at branches mandated by the ministry of finance, ICICI Bank said in a release in Mumbai on Friday.
It has also been authorised to receive subscriptions and act as collecting and servicing agent for the 9 per cent Senior Citizen Savings Scheme.
This scheme is being launched in Mumbai and Delhi to be followed by a nationwide rollout in a phased manner.
"Online PPF Account is the first of its kind in India by a private sector bank, that enables our customers to invest from the convenience of their homes. We continue to expand our spectrum of convenience products by offering the nine per cent Senior Citizens Saving Scheme," ICICI Bank executive director Chanda Kochhar said.