Penalty of Rs 50 on transferring more than 49,000 in a month in PPF Account ?

POSTED BY anil ON April 4, 2014 8:16 pm COMMENTS (5)

Hi,

Yesterday I transferred 50K from my ICICI savings account to PPF account , a penalty of 50 Rs was charged. I called up ICICI CSE , they told me that in a given month I can’t transfer more than 49000. Is this true ?. As per my understanding , the deposits in excess of 1 lacs/year will not earn any interest , there is no penalty.

EDIT: bank accepted their mistake , following up with them. This thread can be closed.

Regards,

Anil

5 replies on this article “Penalty of Rs 50 on transferring more than 49,000 in a month in PPF Account ?”

  1. Anand says:

    You cannot deposit more than 1 lakh in PPF.

    Did the bank revert the charges?

    1. anil says:

      The bank reverted the penalty charges . If you deposit amount exceeding 1 lacs , the excess amount will not earn any interest.

  2. ashalanshu says:

    Dear Anil, thanks for the update.

    Thanks

    Ashal

  3. anil says:

    Hi Ashal,
    The issue is resolved 🙂 . I am happy with the quick resolution done by ICICI bank.
    Regards,
    Anil

  4. ashalanshu says:

    Dear Anil, keep us updated. 🙂

    Thanks

    Ashal

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