Press "Enter" to skip to content

Month: March 2017

ICICI PPF Account- How To Open a PPF Account With ICICI Bank

ICICI PPF Account opening is an easy and quick process. With benefits like complete tax exemptions on the returns and PPF being a long-term government initiated scheme, authorized banks provide PPF account opening schemes. ICICI Bank is one amongst those banks who have been given the authorisation by the Ministry of Finance to allow customers to open a PPF account.

General Benefits of PPF account

A Public Provident Fund Account has many benefits for an individual who has opened an account. The generalized advantages of the scheme are as follows:

  • Good and almost constant interest rates.
  • A beneficial long-term investment option for a smooth retirement.
  • Low minimum initial investment.
  • Complete exemption from Income Tax under Section 80C.

Check: UAN Portal Login and New UAN LogIn website

ICICI PPF account

Eligibility Criteria to Open A PPF Account At ICICI Bank

There are few set norms regarding a PPF account for all authorized banks. ICICI bank also has the similar rules. They are as follows:

  • Only Indian citizens can open a PPF account.
  • An individual can have only one PPF account.
  • A PPF account can be opened for a minor by parents or legal guardians. Grandparents cannot open a PPF account for a minor grand-child if they are not the remaining guardians.

Documents Required To Open A PPF Account At ICICI Bank

ICICI Bank requires certain documents related to opening a PPF account for individuals. These documents are to be submitted as a formality and proof while applying for initiating a PPF account. Given below are the set of documentation required for individuals who wish to open a PPF account.

For individuals having less than five years of transactions with ICICI Bank:

  • Submission of a filled Form A (Form for PPF Application)
  • Recent passport sized photographs
  • One copy of your PAN card.

 For individuals having greater than or equal to 5 years of transactions with ICICI Bank:

  • Form A filled with required details.
  • Recent passport sized photographs.
  • One copy of PAN Card.
  • Any residential proof document.

PPF Account Benefits for ICICI Bank Account Holders

There are certain benefits that can be availed by individuals who have opened a PPF account in ICICI Bank. They are as follows:

  • Funds can be transferred easily to a savings banks account which is linked to PPF Account.
  • Sends regular updates and instructions to ensure that an individual invests at the right time.
  • An online portal is made available to view PPF account details.

Pradhan Mantri Jan Aushadhi Scheme

Pradhan Mantri Jan Aushadhi Scheme was introduced to promote generic medicines that are available at affordable prices rather than the expensive ones frequently prescribed. Generic medicines are those who have equivalent effects and chemical composition as of their highly expensive substitutes. Thus Jan Aushadhi is a health plus social reform scheme which would enable all the citizens of India to avail medicinal help in the case of health deterioration. The scheme aims to benefit both the pharmacist and the customers.

PMJA

Jan Aushadhi Scheme: Administration, Quality, Safety

The Indian Department of Pharmaceuticals is the main monitoring body of the Jan Aushadhi Scheme. This department has set up an administrative body separately to carry out all the proceedings of the scheme. The administrative body is known as the Bureau of Pharma Public Sector Undertakings of India(BPPI). BPPI is responsible for promotion, quality checking and supply of the generic medicines under the Jan Aushadhi Scheme.

As for the quality of medicines, it will be thoroughly tested under NABL certifications. The batches of generic medicines will be produced by private suppliers in a completely monitored manner to ensure the production safety. Moreover, the rigorous testing would also ensure that the generic medicines are as effective as their expensive substitutes. A website has been launched where customers can view all the Jan Aushadhi medicines that have been manufactured.

How To Open A Jan Aushadhi Store: Eligibility, Other Processes

A pharmacist needs to fulfill certain eligibility requirements to open a Jan Aushadhi store. An application will be accepted by the government only if it follows certain requirements. They are as follows:

  • The applicant for opening a Jan Aushadhi store must be an individual capable enough to provide their property to set up the store. Leased or rented properties also fall under this category.
  • When the application for Jan Aushadhi is made, the applicant must not be employed at any other organization.
  • The applicant must secure a license for sale under a recognized and authorized body. In short, the applicant must possess a Retail Drug License.
  • Applicants for a Jan Aushadhi store must have all their monetary statements updated for a duration of three years. Their financial accounts must be audited along with a transparent documentation stating their bank account details.

The above eligibility criteria being fulfilled, the State Health Department must be contacted to enable the procedure to commence a Jan Aushadhi store. Preferably these stores will be in proximity to hospitals and other health clinic facilities. To promote the sale of Generic medicines from these stores, the hospital doctors and other medical assistants will be instructed to prescribe those particular medicines.

How Successful has been Jan Aushadhi Scheme

The Government of India has extended a budget of 2 Lakh INR along with an extra 50,000 INR for hardware installment and other infrastructural developments. As per the set norms, the Jan Aushadhi Stores must sell a generic medicine at a discount of 16%. Also, the government has promised financial incentives to Jan Aushadhi Store owners based on the total number of generic medicines sold. The number of active Jan Aushadhi stores are  87 as of now. An entire updated list along with the locations have been provided in the official website of Jan Aushadhi Scheme. The timing for a Jan Aushadhi store is from 8 a.m. to 8 p.m.

The Jan Aushadhi scheme is flexible in every way. Thus if followed in a well-planned manner it would go a long way in helping the citizens of India as far as the sale of medicines is concerned.