SBI bank account compulsory to open PPF at SBI ?

POSTED BY Jagoinvestor ON February 19, 2011 3:10 pm COMMENTS (3)

As far as I know you dont need saving bank account in SBI if you need to open PPF account with them , but some of the people are facing issue while openeing the account , Some branches are saying that its COMPULSORY now as per new guidelines .

Does any one know about it ?

 

Read this comment : https://www.jagoinvestor.com/2010/02/how-to-open-a-ppf-account-at-sbi-bank.html#comment-20203

 

Also see : https://www.jagoinvestor.com/2010/02/how-to-open-a-ppf-account-at-sbi-bank.html#comment-20072

3 replies on this article “SBI bank account compulsory to open PPF at SBI ?”

  1. Atul says:

    Hi Manish,

    Not sure about new regulations but do not see any harm in opening Savings Account. BTW services in Public sector banks has improved drastically compared to private sector ones.

    Regards

    Atul

  2. Anand says:

    I was not asked to open the bank account when I approached an SBI bank, 4 years ago.

    If there is a recent notification, we would have come to know through outlook money or some other sources.
    The bank managers just want to increase the customer base… that’s all.

    Even for opening lockers, bank cannot force you to open an FD; but it’s my personal experience that bank manager asked me to open FD of 50k or forget the locker.

    I opted for latter. 😉

    In one of the HDFC banks, I personally saw a bank officer refusing a poor lady to open a no-frills account, just because no-frills account has zero minimum balance. (by poor I mean financially poor).

  3. rakesh says:

    Manish,

    Yes, even i faced the same problem. When i visited my local branch of SBBJ the staff said that it is now compulsory to open a Savings A/c for PPF. They said that its a new rule. Since i had no choice i opened the account. It was not the case 5 years ago when my friend opened a PPF A/c there.

    Rakesh

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