Comments on The Money Quest: PPF: FAQs

I had opened a PPF account in my name and another ...

2012-02-08T21:37:15.079+05:30

I had opened a PPF account in my name and another in the name of my minor son. Without realizing my blunder, I was depositing Rs 70,000 each in both these accounts for the past 7 years. Only recently, the bank pointed out to me that the Rs 70,000 was a combined limit in case of a guardian and minor scenario. My question

1) Should the bank have accepted the excess deposit for the last 7 years
2) The minor's account passbook is updated and interest has been regularly credited. Will the entire accrued interest pertaining to the excess deposit be reversed?
3) Do I have any case against the bank for not refunding these excess amounts earlier. How soon is the bank supposed to refund these deposits?
4) What is the way forward. Ballpark calculation suggest I stand to lose an interest amount of Rs 1.25 lakhs

Please guide

Dear Fischer, I was unaware about the combined ce...

2012-02-08T21:31:07.371+05:30

Dear Fischer,

I was unaware about the combined ceiling of Rs 70,000 ( Rs 100,000) for self and minor account and have been depositing Rs 70,000 in both accounts for the past 7 years. I realized my blunder when a bank officer pointed it out to me quite recently. My questions:

1) Should the bank have accepted the excess deposit?
2) The interest has also been credited to the minor accounts all this while. Will this be completely reversed
3) What is the best case scenario? Is there any case to negotiate with the bank citing negligence on their part for not having informed earlier?
4) How soon must ther bank refund the excess amount?

I am 38 and dont have a PPF account yet. Is is adv...

2011-11-05T11:31:43.864+05:30

I am 38 and dont have a PPF account yet. Is is advisable to open it at such a late age considering there is a lock in period of 15 years?

Thanks, Venkat

It not necessary to pay same amount. You can pay a...

2011-10-30T19:12:59.693+05:30

It not necessary to pay same amount. You can pay anything between 500 and 70k.

Is it necessary to pay same amount every year? Or ...

2011-10-18T23:48:37.662+05:30

Is it necessary to pay same amount every year? Or one can pay it in between Rs.500 to Rs. 70000.

My father has opened a PPF account in his name &am...

2011-10-13T10:39:10.347+05:30

My father has opened a PPF account in his name & one for the spouse & has opened a account for me (major child) also. So does he have to invest
Rs. 70000 in each a/c. or Rs. 70000 combined together?

Anup My father has already a PPF account in his ...

2011-10-10T16:38:33.918+05:30

Anup

My father has already a PPF account in his name from last 13 years & has also opened PPF account in name of his spouse & 'ME' also (age 20 years) & currently my father is depositing to my account. So can he hold three accounts in three different names.

Dear Sir, By mistake I have opened two PPF account...

2011-08-17T21:10:49.520+05:30

Dear Sir,
By mistake I have opened two PPF account with SBI in the gap of 4 years. Amount deposited in the first account is less than Rs500. Right now i am using only the second account only. i want to know is there any problem.

Dear Mr.Fisher It is a very good FAQ.I wnt to know...

2011-08-11T15:37:12.897+05:30

Dear Mr.Fisher
It is a very good FAQ.I wnt to know that
(i) I extended my PPF account after maturity for a period of 5 years but now I want to close my account during the extended period.Whether it is permissible

Harish

Dear Fisher, Me and my wife both are working and ...

2011-07-04T13:04:03.312+05:30

Dear Fisher,

Me and my wife both are working and both of us would like to invest in PPF in the name of our daughter. Is it necessary to open two different PPF accounts or we both can deposit in the same account and claim the tax benefit?
Kunal

Hi, I have a PPF account in SBI and i also hold a ...

2011-06-29T19:57:27.075+05:30

Hi,
I have a PPF account in SBI and i also hold a SBI savings account. How to i transfer fund to my PPF account online? I mean what category of transfer will it be? Will it be Third Party Transfer, Fund Transfer or Inter Bank Transfer?

thanks in advance
Prasoon

I am an NRI. My PPF account (opened when I was an ...

2011-05-26T11:40:15.567+05:30

I am an NRI. My PPF account (opened when I was an Indian resident), has matured. How can I close it. Can I repatriate the money? What is the best way to repatriate/invest it?
Thanks,
Vinni

It is understood that an NRI can contribute to his...

2011-05-02T08:09:50.940+05:30

It is understood that an NRI can contribute to his already running PPF account, till the time of its matuity. Kindly guide me whether an NRI can claim 80c benefit for such contribution for the current assessment year.

NRI PPF Accounts - After maturity of the account c...

2011-03-09T07:27:30.742+05:30

NRI PPF Accounts - After maturity of the account can NRIs leave the money in the account, without further subscription, and continue to earn interest on the balance at PPF rates?
The amendment of December 2010 makes it mandatory to close already matured HUF accounts by 31 March 2011.
Is there any similar direction for NRI PPF accounts?
Rajesh

Please let me know whether a resident who subseque...

2011-02-28T12:47:33.897+05:30

Please let me know whether a resident who subsequently becomes a NRI, can keep the account alive after maturity without subscribing /extending the account.
If so till what period can such account be kept and earn interest? what will be ITax impact on such interest.

Dear Mr Fisher I had a PPF account maturity date ...

2011-02-23T23:52:49.403+05:30

Dear Mr Fisher

I had a PPF account maturity date 31/3/10.

As I needed the money, I had closed the account on 23/2/11, but the bank gave me only Rs 4 Lakhs as the balance on 31/3/10 and no intt for the period of 1/4/10 to 31/1/11.

Am I eligible to get that interest?

Please advise.

There are similar queries, but have not been answered.

Thanks for the help.

Regards

K K Goyal
kkgoyalsisi@gmail.com

Hi ..My PPF account has matured after 15-16 years ...

2011-02-17T16:12:29.939+05:30

Hi ..My PPF account has matured after 15-16 years and I have closed the same. Now Can I open a new account in the same bank? Is there any restrcistions? SBI says I can not open a new account, inspite of the fact that I have clsoed the earlier account after maturity..Kindly calrify. - Muthu

Hello, I have got into a unique problem. My fath...

2011-02-14T15:09:47.360+05:30

Hello,

I have got into a unique problem. My father-in-law opened a PPF account on name of my wife when she was minor (unmarried and without having a PAN)

After marriage I was not-knowing about the fact above I opened a new PPF account (now having PAN, which indicated both her former and new name after marriage).

As having two PPF on same name is illegal, i am in a mesh. My in-laws has the account operative for more than 6-7 year. While opening the New account I made a hefty deposit of 40k.

So am in a trap of leaving 40k without any interest for 15 years (a bad idea). Or Close the new PPF account (I don't know process for this kind of problem. And whether they'd allow it or not)

Can somebody guide me please ? Thx in advance

I am sorry to tell but unfortunately the SBI guys ...

2011-02-03T00:18:35.881+05:30

I am sorry to tell but unfortunately the SBI guys at my operating branch have no idea of the PPF rules. The SBI staff extended by PPF a/c ( opened before I became NRI ) for 5 more years after maturity even when I informed him that I am a NRI.

Even tough one can deposit 70,000.00 ( max ) in PPF a/c as per rules but my friend is still able to deposit more than that in a financial year. What will happen in this ? He will get interest for the full amount or only for 70,000 ?

I am NRI staying abroad with my family. Is it still okay to open a/c in my wife's or son's ( minor ) name ?

Thanks in advance.

Sunny T.

Hi If i make contibutions to my fathers PPF accou...

2011-02-01T09:33:49.299+05:30

Hi

If i make contibutions to my fathers PPF account, i will be the nominee. But i read that sucession certificate is required to claim the amount in event of his death if the maturity amount is more than 1 lakh. Cant i have a will for this ppf account stating that the proceeds of the ppf account after his death should be solely mine. Is the sucession certificate a must if i have a will.

Hi I have a SBI Joint account - my wife being the...

2011-01-31T00:24:59.244+05:30

Hi

I have a SBI Joint account - my wife being the 2nd holder. Now if I transfer money to my Wife's PPF account ONLINE through the above joint account, whose contribution shall it be considered? i.e. Who can avail 80C benefit for the above transaction?
[ Note: Both me and my wife contribute to the above joint account from our Salary accounts respectively]

If you are staying abroad and want to transfer fun...

2011-01-30T23:35:43.274+05:30

If you are staying abroad and want to transfer fund to your PPF account, you can use SBI remittance to do that.

1. Upon death of a PPF a/c holder, he has nominate...

2011-01-27T17:22:04.930+05:30

1. Upon death of a PPF a/c holder, he has nominated two of his heirs to share it equally, can the Bank settle claim of one of them?
2. If the other person doesn't come forward to claim the amount for whatever reason what are the options open? What happens to the unclaimed amount? Can the other nominee claim this?
Anand

Hi, This is Munaf Here. Currently 'm located ...

2011-01-22T20:47:26.871+05:30

Hi,

This is Munaf Here. Currently 'm located in Atlanta and I want to make payment to my existing PPF account. My PPF account is with SBI, Dadar branch. When I try to trasnfer fund from my SBI savings account, system sends high security password to my India mobile number, which is inactive. Hence can't transfer from SBI savings account.

How can I transfer fund online to my PPF account from non-sbi bank (eg. Citi Bank, ICICI Bank) ? When I registed my PPF account with Citi bank online transfer, I selected account type as Savings (there were only 2 options, Current & Savings).

Please advice

Anonymous, There is no fixed time limit of claim ...

2011-01-16T16:07:04.734+05:30

Anonymous,

There is no fixed time limit of claim after the death of the PPF Account holder; the PPF balance is payable on demand by the nominees…till that time it will continue to earn interest. However, it is in the interest of nominee(s) to withdraw the amount because a nominee can’t appoint a further nominee.

Yes, both nominees are needed for the closure of the account…they need to prove their identities.

Partial withdrawal/closure of PPF Account after death of the account holder is not possible.

Anonymous,

Now that your sons have attained majority, they have become the legal owners of the PPF Account. For transferring the account operation in their names, registration of their signatures–attested by the guardian—is required.