PPF (Public Provident Fund) Query

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Lord Nemesis

Lord Nemesis

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Guy's can anyone who know has knowledge of PPF rules respond?

I have a PPF acount in my home town which was opened by my dad when I was a minor and later transferred to my own name. Now its matured (15 years completed), but I haven't yet withdrawn the amount. Now I want to open a new account in Hyd. can I do it before I close and take the matured account in my home town?
 
AFAIK, no. No person can have two PPF accounts simultaneously. If the bank or post office comes to know of your having two accounts, they can cancel the account and will return just the principal without any interest. It would be wise if you close the first account, and then open a new one.
 
Lord Nemesis said:
Guy's can anyone who know has knowledge of PPF rules respond?

I have a PPF acount in my home town which was opened by my dad when I was a minor and later transferred to my own name. Now its matured (15 years completed), but I haven't yet withdrawn the amount. Now I want to open a new account in Hyd. can I do it before I close and take the matured account in my home town?
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Agreed with logistopath.If government comes to know you will loose all benefits.

Also ill say why you want to start new.Instead continue same old one.Because now lock in will be 5 years compared to 15 years(its 16 years to be precise...the year of opening is not counted).

You can decide after 5 years whether you need money now or not also can avail loan too right from start.
 
My dad had opened my PPF account in a Post Office.

15 years will complete next year so I will close the account and shift to SBI since I hate going to the post office to deposit the cheques.

Also, is there a change in policy coming which would reduce the interest rate or make PPF taxable or something similar?
 
^^ If you have a PPF account opened in a bank (mine is with SBI), you can transfer funds into the account through NEFT.
 
mjumrani said:
My dad had opened my PPF account in a Post Office.
15 years will complete next year so I will close the account and shift to SBI since I hate going to the post office to deposit the cheques.

Also, is there a change in policy coming which would reduce the interest rate or make PPF taxable or something similar?
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Its market linked it will be 8.6 % now and following year.After that its upto government to decide.
iknowledge said:
I have an PPF account and its quite good. Is there a way to do NEFT for PPF account?
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Here you go...
How to invest in your PPF account online through Netbanking
vivek.krishnan said:
AFAIK, you could transfer the a/c between branches of the same bank. You will need a letter for the same.
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Yes its allowed some paper exchange here and there.Ask branch manager for that.But from post office to SBI .I guess its possible but tedious process like noc and all involved.

Again ill say people who have PPF getting mature not to close it and continue for a period of 5 year lock in.

New ppf demand 15 years lock in and believe me its hell troublesome.
 
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