My PPF interest given all these years is reversed back – How ?

POSTED BY dev78629 ON November 25, 2014 9:25 am COMMENTS (3)

I would like to have a copy of the oft-quoted PPF Rules that purportedly specifies that the total contribution (and NOT deduction under 80C) that can be made by a person together with his minor child/children cannot exceed Rs. 1.5 lakh.

Also if the bank has accepted and paid interest on the excess amount year after year how can it suddenly deny to pay the interest retrospectively and pay only the principal? Mr. Manish Chauhan may kindly illuminate with a copy of the PPF Rules. Thanks and regards.

3 replies on this article “My PPF interest given all these years is reversed back – How ?”

  1. nsabhyankar says:
    December 5, 2014 at 5:45 pm

    Copy of the oft-quoted PPF Rules:

    http://finmin.nic.in/the_ministry/dept_eco_affairs/budget/PPF_ACT.pdf

    http://admis.hp.nic.in/himpol/Citizen/LawLib/Amendments/PPF_SCHEME/MAIN.htm
    See “3. Limit of subscription”, its a bit dated though, limit of 60k only 🙂

    Reply
  2. AadhavR says:
    December 3, 2014 at 10:21 pm

    So did you invest more than the allowed amount? If so why?

    Reply
  3. Manish Chauhan says:
    November 25, 2014 at 9:26 am

    I dont see any rules breaking from bank side . As per PPF rules, its very clearly written that if its found that one is investing more than 1.5 lacs combined or if one is found to have more than one PPF account, then the interest given will be reversed on the excess amount .

    You can read this article in detail – http://jagoinvestor.dev.diginnovators.site/2014/02/5-must-know-rules-before-opening-ppf-account-for-minor-kids.html

    Reply

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