What happens to my PPF account if I close my bank account?

What happens to my PPF account if I close my bank account?

Remember, the PPF account cannot be closed before maturity unless in case of specified circumstances. If you wish to close the account, visit the bank branch /post office where the PPF account is held. If yes, account will be closed and maturity proceeds credited to bank account.

Is it mandatory to have savings account for PPF account?

Public Provident Fund (PPF) is a retirement savings scheme offered by the Government of India with the aim of providing a secure post-retirement life to everyone. The minimum deposit you must make in the account per financial year is Rs. 500 and it can go up to Rs. 1.5 lakh.

Can we close SBI account automatically?

State Bank of India (SBI) does not charge its account holders any account closure charges, in case one closes one’s SBI account after 1 year. Even after 1 year of opening a bank account, if an account holder closed his/her bank account earlier, SBI used to levy a charge of Rs 500.

Can I convert savings account to PPF account?

You can transfer money into your PPF account. You have to go to the payment section after logging to your internet banking portal. You should then click on ‘third payee’ and submit details such as your bank IFSC code, PPF account number.

Can PPF withdrawal online SBI?

With the PPF account online facility, you can access your account information and request for loans and withdrawals can be submitted online.

How can I break my PPF account in SBI?

As per the PPF rules, you can withdraw the PPF amount after the completion of the lock-in period of 15 years. Once the 15 years PPF lock-in period is completed, you can close the account by withdrawing the entire contribution made towards the account along with the interest that has been generated.

Can PPF account be closed?

It is important to note that a PPF account cannot be closed before maturity. A PPF account, however, can be transferred from one point of designation to another. But, do remember that a PPF account cannot be closed prematurely.

How can I close my mature PPF account in SBI?

A PPF account can be permanently closed only in case of the death of the account holder, in case the account has not been matured by then. However, a premature closing request can be placed by the owner by submitting a simple form duly signed by the account holder with proper reason for withdrawal.

What happens if I dont close my SBI account?

According to the RBI’s norm, if a customer discontinues using his or her account for 12 consecutive months then banks will automatically make then inactive, and more than extra inactive 12 months will make it a dormant account. So, we are here to guide you as to how you can close your inactive bank account.

How can I close my PPF account in SBI?

Can I close my PPF account online?

Remember, the PPF account cannot be closed before maturity unless in case of specified circumstances. If you wish to close the account, visit the bank branch /post office where the PPF account is held. A written application to withdraw the proceeds and close the account needs to be given with the original passbook.

How to close an SBI bank account online?

Sadly, it is not possible to close an SBI bank account online or without visiting the bank branch. Therefore, the only step you can do while sitting at home to close your bank account is to download the SBI account closure form. How to Close State Bank of India Account

Should I Close my PPF account or transfer to SBI?

Customers mostly are not financially aware about the rules. Better close ppf after completion of 15 years, transferring the money to only sbi savings account, then close the relationship with sbi.. PPF comes with the lock-in-period of 15 years.

When should I Close my PPF account?

Better close ppf after completion of 15 years, transferring the money to only sbi savings account, then close the relationship with sbi.. PPF comes with the lock-in-period of 15 years.

Can I transfer my PPF account to another bank?

Yes, the account is transferable to and from permitted branches of nationalized or private sector banks or Post Offices by submitting a request letter by the PPF A/c Holder to the existing Accounts Office. Whether Loan facility or partial withdrawal is available under the PPF scheme?