Deposit money view cheque in my PPF Account – how many days it take ?

POSTED BY sunilag085 ON March 29, 2014 9:44 am COMMENTS (7)

Hi

I have a PPF account in India Post Office and have few queries –

1) When i deposit a sum of amount in my ppf account via cheque, the counter person say it will take about 20 days to credit the amount and then only the passbook will get updated. To how much extent it is true and when to deposit the amount so that it will get credit within 5th of the Month.

2) I want to know the procedure of withdrawal of maturity amount and how much time it will take to get the amount as if they are taking 20 days for deposit update only. and to what extent it is safe.

3) I have only a passbook with manual entries. what if i lost the passbook and how to ascertain my account in absence of that.

4) If Post office person is not at all helping / assisting at maturity to withdraw money and says he dont know anything on this or go to that table to that table, then in such cases whom to contact and what to do?

Awaiting your positive reply soon.

Thanks

Sunil Agarwal

7 replies on this article “Deposit money view cheque in my PPF Account – how many days it take ?”

  1. Hemanth Chandra says:

    Dear Sunil,

    If possible, please avoid private banks to open PPF.

    Go through below article.
    http://curiouslogic.in/2014/02/how-sbi-ppf-is-far-better-than-icici-ppf/

    Regards,
    Hemanth.

  2. rockingguy says:

    I’ll suggest you transfer your PPF from post office to bank

    If SBI offers bad service, then there are other banks to choose from like ICICI, IDBI, Bank of Baroda, Bank of India, etc

    If you look at this RBI circular – http://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8779&Mode=0
    it shows supported banks having license to conduct PPF operations

    1. sunilag085 says:

      Dear Sir

      Thanks for your reply. This is really a help to me.

      Thanks
      Sunil Agarwal

  3. ashalanshu says:

    Dear Sunil, let me try to answer your questions.

    1) When i deposit a sum of amount in my ppf account via cheque, the counter person say it will take about 20 days to credit the amount and then only the passbook will get updated. To how much extent it is true and when to deposit the amount so that it will get credit within 5th of the Month.
    As Post Office is not a bank, the cheque clearing may take time. So it’s in your own interest to wait till the cheque is cleared. Only after the cheque is cleared, the money ‘ll be credited to your PPF account. No deadline can be fixed for this thing. Better to invest in cash if you want to get the money credited on or before 5th of month.

    2) I want to know the procedure of withdrawal of maturity amount and how much time it will take to get the amount as if they are taking 20 days for deposit update only. and to what extent it is safe.
    Safety is there as PPF has Govt. of India backing. Maturity proceeds may also take few days to 1 months.

    3) I have only a passbook with manual entries. what if i lost the passbook and how to ascertain my account in absence of that.
    Please visit my blog to know this passbook thing. asanideasforwealth.wordpress . com

    4) If Post office person is not at all helping / assisting at maturity to withdraw money and says he dont know anything on this or go to that table to that table, then in such cases whom to contact and what to do?
    This is your fear only and I can not answer this fear.

    Thanks

    Ashal

    1. sunilag085 says:

      Dear Ashal

      Thanks for your wonderful reply. Answer 3 is really a help to me.

      Thanks
      Sunil Agarwal

  4. ashalanshu says:

    Dear Sunil, please transfer your PPF account from Post Office to bank. To understand PPF better, please read past articles here in the main JI site.

    Thanks

    Ashal

    1. sunilag085 says:

      Dear Ashal

      Thanks for your reply.

      I don’t think transfer ppf account from post office to bank will work good as i feel that employee of SBI are worst than post office.

      They dont know anything about ppf. At beginning i had approached SBI only to open my ppf and want to deposit 80K for getting tax benefit. On which SBI employee said I cant deposit more than 10K or else they will face some problem from IT department and I also have to face same problem so they suggested to onlu deposit 10K and open the ppf. Also they said it will take 7-10 days to open.

      Whereas when i go to the post office they opened my ppf within the same day in 2-3 hrs only.

      Till now I am not facing any problem with post office and at least they are better than SBI employees.

      I just want to clear my doubts i have asked in my question.

      Regards
      Sunil Agarwal

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today