I have read your replies to many questions and very much pleased to note that you are doing great social service.
I am also asking you about a strange problem of my PPF A/C.
I have a PPF A/C. in State Bank of India. 15 years are over and is extended for further 5 years with Subscription Option. One year is over.
Recently I visited SBI branch to change name of My minor daughter in her PPF Account as Name was officially changed( By publication in Gazette.)
While making entry of new name, Bank computer operator by mistake made entry of daughter’s name in PPF A/c. of as under:-
Account Name :- Daughter’s Name
Customer Name:-My name.
After entering daughter’s name he realised the mistake but the daughter’s name could not be deleted.
Now Manger of the Bank said me that I should close the present PPF A/c. and open a new PPF account in the same Branch. Manager also assures me that New PPF A/c. will have all the rights of present PPF A/C.
As per PPF Rules we have doubts that the benefits of present PPF A/c. may not be available in new PPF A/c.
I seek your kind advise. Please advise whether
- All the benefits of present PPF A/c. will be available in new PPF A/C?
i.e.1. Will get interest on entire amount of more than Rs.7.00.000/- ?
- Can I deposit Rs. 1.50.000/- every year ?
- Can I close the NEW PPF A/c. after extended term of 5 years of present PPFA/c. is over or it will have to continue for 15 years ?.
- If new PPF A/c. is not opened, and if present PPF A/C. is continued (without removing my daughter’s Name, will there be any complications ? Can I operate the
Present PPF A/C. without any problem ?
This is a very strange problem and only you can guide us.
I therefore, earnestly request you to consider all the aspects and guide us in detail.
Seeking your valuable advise.