State Bank of India - PPF account for HUF
I was having PPF a/c in Kolhapur Branch of SBI.
After completion of 15Years+5years, Bank has given Interest and accepted 70,000 Rs as suscription for year 2009-2010. After year 2010, as account is expired When I went to withdraw full amount, Bank says that they will not give interest for 1 years, which is more than 1,00,000. as subscription expired before.
SBI never told us or sent any letter, even they accepted 70,000 Rs as subscription. They had deposited interest also, I have also filed IT return in accordance. Now at the time of withdrawal how can they say that we will not give you interest.
The showcause notice hereby given to explain the followings:
1) Why your branch has accepted the subscription even after the completion of 15 years in case of all HUF account holders?
2) Why your branch has accepted the subscriptions even after 15 years in case of HUF, why it is not refunded immediately or transferred in suspense account?
3) Why your branch has credited interest in the case of HUF to the all account holders who have completed 15 years?
4) Why the interest was not reversed immediately in case of March 2007 and it was intimated to the parties respectively?
5) Why your auditor’s has not reported the said irregularities in case of accepting the deposits as well as interest credited in after expiry of 15 years in case of HUF?
6) How the interest was received in hands of the account holder where no interest was provided by the Government as the circular you have taken the base?
7) Why the circular is not followed by the Bank and the individual responsibility is not casted to the branch explain in depth?
8) Why circular was not followed initially the loss of investors interest could have minimized initially and it could have closed earlier?
9) Why interest was not reversed before closing the PPF account?
10) Why the copy of circular was not forwarded to the individual account holder where the large money was lying carrying not interest?
11) Why the individual showcause notice not served before reversing the interest to the individual account holders observing the Law of Natural Justice?
12) Have PPF saving scheme 1968 has conducted any audit during March ending 2005 to 31-3-2010 in your branch?
13) Why your branch has reversed the interest after expiry of four years from date of credit to the individual account holders?
14) Is there is any norms or time limit of reversing the interest which the branch was knowing the facts?
G R Deora
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