SBI PPF Account

POSTED BY Amit ON June 19, 2012 11:55 am COMMENTS (4)

I have gone through couple of articles on PPF account & SBI PPF Online Account. I have following questions regarding PPF:

1. Can I withdraw 100 % amount in my PPF account at the end of 15 year?
2. Can I deposit more than 70000 in one year?
3. Can I transfer my PPF account in Bank of Maharashtra to SBI? If yes, then what is the process?

4 replies on this article “SBI PPF Account”

  1. Dear Amit, Here are the answer for your queries.

    1. If you do not want to continue your PPF, inform the bank or P.O. where the account is in operation & you ‘ll get the 100% balance after maturity of 15Y or 20-25-30-35 years as the case may be.

    2. Since 1Dec 2011, the maximum investment limit is increased to 1L Rs.

    3. Yes you can transfer. First of all update your passbook for all the transactions till date & the interest credit entry. Keep photo copy of your passbook for your record & contact either BoM or SBI & fill necessary forms & submit the same along with your passbook. After some time, you ‘ll be intimated from SBI (the target bank) that account has been transferred.

    Thanks

    Ashal

    1. Dr M.Chandrashekhar says:

      Just last month, I transferred my PPF Account from SBI Mohali to SBI Bangalore.

      Kindly keep a photocopy of your Pass Book with you. It took me 03 weeks for the transfer.

      I was surprised to see Nomination was not mentioned in the previous Bank pass book & got the documentation done immediately in the new pass book.

      1. Dear Dr. MCS, thanks for sharing your personal experience.

        Thanks

        Ashal

  2. Lakshmipathy G says:

    I am not an expert in this. But i would like to give the information from my knowledge.

    For your first question this might help you.

    https://www.jagoinvestor.com/2012/06/ppf-account-rules-after-maturity.html

    I think now 1 Lakh is the max limit for an year.

    http://taxguru.in/finance/ppf-investment-limit-increased-1-lakh-1122011-interest-loan-ppf-cost-2-percent-extra.html

    Only SBI and ICICI has the facility to open PPF. I am not sure how you opened PPF in Bank of Maharashtra. I may be wrong here. No idea.

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