I have two PPF account one in ICICI(April 2013) and another in SBI( June 2014). From 2014 I never deposited any amount in ICICI bank and continued with SBI only but there is some money in ICICI bank. So I want to close my ICICI PPF account and want the rest balance in my SBI PPF account. what is the procedure pls reply if possible?
Legally you are not allowed to open two PPF accounts. One person must have only one PPF account. Suppose you knowingly or unknowing opened two accounts in Post Office, Bank or one in the post office and another in a bank, then the SECOND account will be treated as an irregular account. Even you can’t open another account if you already have one discontinued PPF account. You have only option to continue it with a penalty and minimum subscription. Such second account will not carry any interest. So in such situation what to do?
The solution is, you have to write a letter to Under Secretary-NS Branch MOF (DEA), New Delhi-1 through the Accounts Office giving detail of each account and request for combining of both accounts.