I initiated my PPF account transfer from IDBI to SBI on July’14. IDBI closed my account in approximately 3 weeks and gave me all the originals and the cheque. The new PPF account was opened and linked with my SB account at SBI. However the cheque has not cleared even after 10 days. SBI is telling some clearance issue but they are not clear what is the issue. The transfer is happening within the same city. Please advice.
Also, the cheque include interest upto 31Mar’14 (as per the norm). IDBI said verbally to me that they will give interest for the period April-June on end of financial year: Please clarify my following queries
1) How will IDBI credit the interest (it they at all)? Do I need to provide the new PPF details?
2) Will I loose interest during the transition period (July’14-Aug’14) as the amount is not transferred as of today?
Please Help.
Thanks
Soumitra