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POSTED BY ON December 5, 2012 10:44 pm COMMENTS (10)
Hi Manish – I am new in here and might have read almost 70% of your insightful articles within a week.
Your suggestion on using PPF as a means for tax free regular income appealed to me and so does the extension of PPF in 5year term to retain it. I was not aware of the latter before I read your articles.
I have a strange query regarding my PPF account and need your inputs. I really dont remember when I started my PPF account – should be around year 2000. I was not aware of it’s benefits and was (almost cursingly due to the annual reqt) transferring some 500-1000Rs to the account to keep it ‘alive’. I had shifted the account from SBI downsouth to an SBI in one part of Bangalore city and then next. My latest passbook shows entries from 2007 only but for sure the account was initially started before 2003. I don’t have my old PPF passbooks with me – must have got misplaced while shifting places.
My query is how to get the year of starting PPF account as I assume 15years is calculated from that year. Will the SBI bank people be able to help me with finding the start date or is there any website where I can find the reqd info by providing my current PPF A/C number.
Request your guidance & thanks a bunch for your articles!
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Dear Sir & Manish
Thanks for your responses.
After 15yrs if the PPF account is not extended/closed, the interests need not be paid out I believe. If yes, then sure, some lumpsum lies with the bank interestfree, & can’t harm them:-)
Dear Deepthy, Manish,
Just recollected a rule about PPF. After 15 years you need not take out the money or renew the PPF term by 5 years,
You can just let the money stay there and it will earn then same interest. You can also make yearly withdrawals!
Is this probably why the closing date is not relevant to the bank !! 😉
Great … good to see people helping each other here ..
You can also file a RTI to Post Office (because its a PO product) and then you can ask any questions . you should have got the start date and any kind of info via RTI also , but this one is the fastest one !
Manish
great! Glad it worked out fine
Finally service quality does boil down to the individual person who serves rt?!
Can’t agree more.
That worked!
I got my old SBI branch email & they responded with the PPF start date. Interestingly, I also got the confirmation from them, on what you had initially mentioned – that my current SBI branch will of course have access to my PPF start date.So it seems to have been just their choice to give me a little extra trouble try and catch hold of my PPF start date or for all we know, as a vernacular saying goes ‘he might have had a family squabble before reporting to work yesterday’:-)
Can’t blame SBI as a whole, as when one branch denied info, another gave it away promptly. Finally service quality does boil down to the individual person who serves rt?! Might also point towards SBI not yet having the level of process maturity to have the quality of all their services person/staff independant!
So far so good.
At least hope this info is of use to someone else trying the same PPF game – SBI branch where you have the current PPF account will surely have the account start date! Probably you should try to find some nice gentleman or lady who smiles across the counter & try your luck with them, to get the required info.
Wish to see a golden future time when our Public sector displays 100% accountability towards it’s customers…
Absolutely. Banks dont care for PPF accounts they are baby sitting for the govt.
All they care is the quarterly increase in revenue. So they push their own products.
Let me try that option now and call the old SBI branch up and keeping my fingers crossed!
In spite of such products being best investment option what gets to you is general apathy on anything tagged as ‘government’ – we have no patriots here, have we?!:-)
The only option for you then is to approach the old branch and dig up their records. You can nominate someone by letter and ask them to find out if you cant go.
I dont understand how a branch can accept a ppf transfer without information of when the account was created!
You can computerize all you want but you cannot replace commonsense!
Hope you have better luck in your old branch.
Thanks for the info.
Based on your tip, I approached the SBI branch where I have my PPF account (Dollars Colony, Bangalore) and they tell me that there is no way for them to get me the start date of PPF account as it’s a governement owned account. I asked them how then will they know whether to approve a 5 year extension or not – they tell me that if I put in an application, they will simply extend the account. But if I go to withdraw the amount alone I will face an issue as I need to show proof of my PPF start date. For this I need to have the old passbook with me – & this I don’t have due to shifting places. Seems to have lost it somewhere.
Now, depositing in PPF, extending PPF etc seems okay. What seems to be difficult is when I try to withdraw the amount that I have parked in there. In this case there seems to be no use of the account itself right, if I am unable to withdraw money.
Any other way, we can get the PPF start date via website or phone, pl let me know – this situation does worry me no end.
The start date should be available in the records of your current branch. It has to be because they need to know when to stop paying interest to your acc: which is 15 financial years after the date of opening.Go in the middle of the month when the bank is less busy and dig it up.