Hi, Read the article - Difference between PPF and NSC
One of the section indicates that one need not have an account in State Bank of India to open a PPF account.
This information is false and when I had visited SBI to open a PPF acct. I was demanded to open a savings account and then the PPF account. I was forced to go to a post office to open my PPF acct.
RE:Difference between PPF and NSC
by Sushil on Sep 13, 2006 01:09 PM Permalink
No, it is not at all required to have savings a/c with SBI to open a PPF a/c.
One need savings account operational for opening a PPF account in SBI. I opened one PPF account with SBI, Dollar Colony Branch, Bangalore. I was first asked to open a savings account and told that without savings account I can not open PPF with SBI. Its their policy.
RE:You need a savings account for PPF in SBI
by Sushil on Sep 13, 2006 01:13 PM Permalink
No, they are wrong and you can take-up the matter with higher officials. One need not to have savings a/c with SBI to open a PPF a/c. They are dectating the terms
This is the best part of the rediff money articles. So simple that even a lay man can understand it. Keep up the amazing work and continue with this simplistic style of writing. Looking forward to more such articles. Also, could you have a special on young people who have just started earning, as to how they can invest best so as to get maximum tax benefit?
Your contention that you may deposit Rs 70000/- in your name and another Rs70000/- in the name of your minor child is not quite correct. If one does so he/she will get interest on only on Rs70000/- and not on the entire Rs140000/-.
RE:PPF @ SBI
by Rohit Goel on Jul 05, 2006 07:40 AM Permalink
Now it is not required. I have a PPF account with SBI but not any other relationship with them
