HUF PPF ACCOUNT AFTER 15 YEARS - INTEREST NOT GIVEN

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Deal Cadet
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166
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DEAR ALL,

AS YOU KNOW THAT PPF ACCOUNT OF HUF CAN NOT CONTINUE AFTER 15 YEARS VIDE AMENDMENT IN PPF ACT AND NEED TO BE SURRENDERED ON MATURITY BUT IN MY FATHER’S CASE BANK HAS NOT INFORMED US ABOUT ITS MATURITY AND BANK HAS CONTINUED AND CREDITED INTEREST FOR ONE MORE YEAR AND THEN REVERSED IT NOW I WANT TO KNOW FOLLOWING

1. WHETHER BANK IS RECEIVING ANY MONEY FOR PERFORMING COLLECTION OF PPF MONEY TO DEPOSIT WITH PPF FUND WHETHER THIS WILL BE TERMED AS PPF INCENTIVE RECEIVED FOR FUNCTIONING THEIR WORK TOWARDS US OR IT WILL BIND BANK ONLY TOWARDS SERVICES RENDERED TO US.

2. WHETHER RBI HAS ISSUED ANY MASTER CIRCULAR FOR THE SAME WHO WILL BE REPONSIBLE FOR BANK DEFAULT TO CONVEY ANY INSTRUCTIONS WHICH WILL RESULT INTO FINANCIAL LOSS TO CUSTOMERS.

3. WHETHER ANY ISSUE FACED BY ANY PERSON IN THE SAME SUBJECT AND TURN FAVOURABLE.

4. I HAVE CASE LAW AS FOLLOW ANY ONE HAVE OTHER CASE LAW WHICH IS MORE SUITABLE

State Bank of India, a corporate body constituted under the State Bank of
India, 1955 having its Central Office at Madam Cama Road, Nariman Point,
Bombay and one of its Branch Office at Town Hall, Amritsar, District
Amritsar through its Manager and Principal Officer.

…..Appellants Versus

1. Balbir Kumar Ramneek Bajaj HUF, 4-Old Jail Road, Beauty Avenue,
Amritsar through its Karta Shri Balbir Kumar Bajaj.

2. Shri Balbir Kumar Bajaj son of Shri G.S.Bajaj.

3. Smt.Ramneek Bajaj wife of Shri Balbir Kumar Bajaj of Balbir Kumar
Ramneek HUF, 4-Old Jail Road, Beauty Avenue, Amritsar.

…..Respondents First Appeal against the order dated 01.01.2008
passed by the District Consumer Disputes Redressal Forum, Amritsar

5. ANY BANK PERSONNEL WHO CAN GUIDE ME TO RELEASE INTEREST EITHER WHILE WRITING TO BANK OR RBI.

I HAVE ALREADY WRITTEN TO BANK AND RBI BUT RESPONSE WAS NOT POSITIVE AND I AM GOING TO WRITE FURTHER BUT REQUIRE SOME INPUTS IN FORM OF SECTION OR CIRCULAR.

8 Comments  |  
6 Dimers
Missing
Deal Lieutenant
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4878
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Consult a lawyer if interest amount is huge be ready for long tussle, else settle it early with bank in best possible way.
You know either nothing happens or very little happens here after spending years and lots of money+energy

Missing
Deal Cadet
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I WANT TO GIVE LAST CHANCE AND WANT TO HAVE ALERT SYSTEM IN BANKS SO THAT IN FUTURE NO ONE SHALL FACE SAME ISSUE.

Missing
Critic
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it is the responsibility of the account holder to surrender the account on expiry of 15 years.
banks do not have any liability to inform the holders.

Missing
Deal Subedar
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panchabhut wrote:

it is the responsibility of the account holder to surrender the account on expiry of 15 years.
banks do not have any liability to inform the holders.

Wrong ..

“Its Banks Responsibility not to continue without the PPF owner’s Consent to Extend or widwraw the Amount”

I have seen tht they hold the amount for 30 days .. IF u want to extend or widwraw the amount…

OP want to ask you tht whole amount is BLOCKEd or Intrest of 1 yr is blocked ??

Missing
Deal Lieutenant
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Banks dont earn any interest on PPF accounts.

Missing
Entertainer
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OSPG wrote:

I WANT TO GIVE LAST CHANCE AND WANT TO HAVE ALERT SYSTEM IN BANKS SO THAT IN FUTURE NO ONE SHALL FACE SAME ISSUE.

Good Luck

Missing
Deal Cadet
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166
3
Expand
theruler007 wrote:

Wrong ..

“Its Banks Responsibility not to continue without the PPF owner’s Consent to Extend or widwraw the Amount”

I have seen tht they hold the amount for 30 days .. IF u want to extend or widwraw the amount…

OP want to ask you tht whole amount is BLOCKEd or Intrest of 1 yr is blocked ??

Interest Amount is blocked

Missing
Critic
373
3653
48
Expand
theruler007 wrote:

Wrong ..

“Its Banks Responsibility not to continue without the PPF owner’s Consent to Extend or widwraw the Amount”

I have seen tht they hold the amount for 30 days .. IF u want to extend or widwraw the amount…

OP want to ask you tht whole amount is BLOCKEd or Intrest of 1 yr is blocked ??

PPF account is a Govt account and is only maintained by the Bank or Post Office on behalf of the Govt. The funds are remitted to the Consolidated funds of Govt and interest is also paid from the consolidated funds. The rules are framed by the Govt not the banks.
After completion of the term, the bank can only put the account on suspension (non-working mode). Thereafter, the account would not earn any interest. But it is the responsibility of the account holder to take necessary action for withdrawal of the amount (or extension in case of individual account).
In the present case, the account holder failed to take any action for withdrawal of amount. So that fault is clearly that of the account holder.
The bank wrongly credited interest for suspended period which they rectified by reversal.
The financial loss, on account of loss of interest on maturity amount after the completion of 15 years, has happened due to the failure of the account holder to initiate due action for withdrawal as per the scheme.

Missing