Hi..I read your blogs on PPF they were very informative..what I understand that if father has own PPC Account & minor child’s PPF Account linked as under guardian to his cif no. than max.limit of deposit is 1.5lac combined..is that right? If above scenario is right then can you guide me what will be the stepwise procedure to revert NEFT of excess 50000Rs deposited in my PPF Account from Yes Bank to SBI..as I already Deposited 1.5lac in my minor child’s PPF account too. Both PPF accounts are in SBI same branch..if you can reply me? I will be very grateful to you..Thanks..I Knew you can help me out..or convey me where I can see your reply.thanks again..
There is no specific tracking method. However, you may face three situations. SBI Bank may track the excess amount deposited by an individual account of his and his minor kid’s account and return such excess amount back. This only possible when banks alert. However, the probability is less. After deposit to both PPF accounts, banks may track the excess amount. So they may stop depositing the interest on such excess amount and it will be idle in PPF account up to the maturity of PPF. Bank or no one can track such excess deposit. You can enjoy the interest on such excess amount.
Sir, its not completely clear with below statements. Could you please clarify.
1. “So they may stop depositing the interest on such excess amount and it will be idle in PPF account up to the maturity”
2. “You can enjoy the interest on such excess amount.”
Do banks exclude interest calculation on the excess amount for that FY and from next FY it should be eligible for interest calculation on total balance amount. Is that understanding correct ?