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-   -   Anyone having a PPF account in Post Office ? (https://www.team-bhp.com/forum/shifting-gears/74610-anyone-having-ppf-account-post-office.html)

Guys,

If anyone of you is having or know someone having a PPF (public provident fund) at a Post office (not SBI branch), can you please let me know if the savings booklet issued by the post office mentions "Post office savings account" in it, with PPF printed only on the cover page ? Also, is PAN card submission required for opening/depositing funds to PPF account in Post office ?

TIA

Well, I've one opened from Post Office (not SBI branch). It reads as "PUBLIC PROVIDENT FUND (15-YEAR). Will try to scan & post the pic if you need anymore info. No I haven't provided the PAN as it was opened up in 98, not sure if it has been asked. IMO, you don't have to worry about PAN unless the deposited amount exceeds 49999 on a single deposit for any PO transaction.

Well mine reads 5-Year P.O. Recurring Deposits on the cover which has been manually overwritten to say "PPF". :Frustrati

Regarding PAN, I don't think I submitted a copy when I opened the account in 2007.

I have a PPF a/c started in 2008 and the front page says like this

DEPARTMENT OF POSTS, INDIA

Post Office .....................


Computerised Savings Bank Pass Book

Scheme.................

Account No..................

(The Post office name, the word PPF and PPF account are from computer print.)


No pan required at the time of opening the a/c

Hey thanks guys, so it seems they write overwrite PPF in most of the cases to the savings pass book.

One more question - my agent says that for depositing funds via cheque, it has to be drawn in favour of "Senior Postmaster". And the funds takes about 1 week to reflect in the passbook. Is that so?

You will have to make a crossed cheque mentioning Sr Postmaster,XXXX Post office, XXXXX City/metro. Its safer to deposit the cheque between the 1st and 5th of every month to get the accrued interest on your new deposit for that month.Even if the clearing takes seven days but if the cheque is deposited before 5th the interest is accrued and paid on your account. there is a nearly decade old circular from the Small Savings Directorate to this effect.

I have seen the Q in the post offices and gave up the post office saving business. Our Indian Post should go for a long way to reach the goal. It does not mean that the metros are good. There too big lines and some times all the job clubbed in one line. So bad.

I have a PPF account in Post office in my daughter's name and the passbook says Public Provident Fund (15 Years). Also PAN No. was not asked for when it was open 5 years back. Also my passbook gets updated immidiatly when I deposit any amount in this account.

Sorry, I beg to differ your view here. The post office services now are at door steps, atleast that is what I'm experiencing for last 8 years now. All you need to do is go through the agent.

The agent normally gets a commission from the P.O & the customer gets an incentive. If you don't go through the agent, you still get the same amount of incentive & the commission is not given to the customer since there's no agent. So it is recommended to take help of an agent who does the service for you.

Guys some more questions regarding PPF:

1. I recently went myself to deposit a cheque for my PPF account in the post office. I did not get the *SBI* receipt, but the receipt of Post office. I am confused since whenever my agent deposited the amount on my behalf, he would get back with an SBI receipt, and not the Post office receipt.

2. What is the incentive/commision one is supposed to get while investing in PPF - through self or through agent. I am asking this because i have never received any incentive or commision fron the Agent or even while directly depositing , any incentive from the post office.

Quite possible, reason being that, a PPF account can be opened at bank as well as at a post office. So when you were getting SBI receipt, it was operated through bank & a PO receipt means, it was operated through post office.

Incentive rate remains the same 1% ONLY when the account is opened through agent for which the agent SHOULD give you 0.5%. However, the 0.5% discount is not applicable for subsequent remittances. What I mean is, when you open the account with Rs 500, the incentive is Rs 5, for which the agent should give you Rs 2.50. However, if you're paying Rs 10000 next year, there's no incentive on it even if you pay it via agent.

Does that mean that PPF account in PO is actually linked to an SBI account ? Can one make deposit either at post office OR at SBI linked to that PPF for the same PPF account ?

I'm not sure on this part, will inquire for you; that's why I didn't touch base that point. I don't know, if its possible as I've a decade old PPF account with passbook & I'm sure SBI will never even touch that book. Anyway, I'll check with the agent & provide an answer for you.

Has anyone transferred his PPF account from a Post Office to a Bank ? I want to transfer my wifes account from a Post Office in West Bengal to a bank in Bangalore.

From what I read on the net , it's a really messy affair.

Hi,

Can anyone please guide on the procedure of closing an PPF account on maturity ?



Was wondering when does this 15 year tenure end ?

Is it the date to date ending of 15 year term ; Or is it Calendar year ending ; Or is it Fiscal year ending ?

For e.g.

Let's say my first deposit in PPF was on December 10 2003. Have been making regular deposits in the same account.


Now if we go by date of deposit, the 15 year tenure should end by Dec 10 2018. Can I close the account on Dec 11 2018 on account of maturity ?


Or will it end on Dec 31 2018 ?


Or will it be end of March 31 2019 ? End of fiscal year.


Details are sketchy, hence wanted your esteemed guidance.


Do we need to provide them any additional documentation apart from passbook ?

Any application for closure of PPF account ?