Karthik Reddy Chintaparthi
March 24, 2012 8:44 pm
Can I invest entire one lakh on a single day in any post office ? Please let me know your experiences.
What I understood is I can open PPF account in only 2 branches (Connaught Place and Mayur Vihar) in Delhi and deposit money in any ICICI bank branch. Please let me know whether my understanding is correct.
Go for it. No issues.
is there a way to transfer existing PPF to ICICI?
As far as I am aware, ICICI is only catering to new PPF Accounts and not entertaining transfers….
Dear TheZionView, you may check with SBI to transfer your PPF from P.O. to SBI.
yes you can …….
Dear Vipin, Yes you may deposit, 1L Rs. in one shot in your PPF account no matter it’s in P.O. or Bank. For future ease of operation, I w’d ask you to transfer your PPF account from P.O. to a bank which is offering net banking facility for PPF account.
Last year I was advised to pay < 50000 per day in post office. I don't know if this is a restriction. Do you have any documentation in website to confirm that I can pay one lakh on a single day ?
Open account in any designated branch allowed to collect PPF money. Only one time effort. Then you can do online transfer from any bank/branch/location account.
You can deposit all money on one shot or can do max 12 deposits in a year as per your convenience.
So you can also go for auto ECS, but make sure if you go for auto deposit then keep date before 5th so you get extra bit interest.
Its quite some time now that ICICI is authorized to collect PPF money. Last time i enquired with one of the bank guy, he mentioned their branch does not collect. With Online facility it would be easier task now.
I was under the impression that you need to do PPF deposits in SBI banks or via online banking…
No one can open PPF accounts in a lot of nationalised banks apart from SBI. But the only issue is the number of branches that cater to PPF accounts are limited. Similarly NOT all SBI Branches operate PPF accounts. But the number of branches of SBI that serve PPF accounts are considerably higher than any other bank. You can also open/operate PPF accounts in certain post offices. However I am believe there is NO method to deposit funds online for PPF accounts held in post office.
To add to the above, even though the forma can be submitted at any branch, The PPF Account will have to be opened from the branches listed in the URL. http://www.icicibank.com/online-services/public-provident-fund/designated-branches.html
For those who haven’t opened their PPF accounts, from today one can do so online in ICICI Bank!!!! Log into online banking, fill the PPF account opening form online and submit it at any branch along with Pan card copy.
You can invest one lakh in one shot. No issues. Any post office should be able to cater this.
Invest before April 5th for Maximum gains. Make sure invest after March 31 if you are looking for next year tax savings.
Last year I was advised that I can’t make a transaction of > 50000 per day in a post office. Are there any conditions for the amount we deposit ?
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