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?
I have also faced the same problem. they have deducted the interest on PPF on my HUF for two years and have refunded the Deposit of Rs 60000/- for two years without interest. They hav e not provided any deduction memo for the same.
Please advice how to lodge our claim against State bank Of India.
Raju R Gandhi Karta of Raju R Gandhi HUF
The Chief General Manager
Reserve Bank of India,
Department of Government and Bank Account
Central Office, Byculla Office Building
4th Floor, Opp. Mumbai Central Railway Station,
Byculla – Mumbai 400008.
Sub: P.P.F. interest in case of H.U.F. after expiry of 15 years.
With reference to above subject, I would like to state as under:-
I am holding P.P.F. account at State Bank of India Ghatkopar (West) Branch where the account has completed 15 years on 31/03/2007. Thereafter, it was extended for further five year and we have deposited amount of Rs. 70, 000/- every year on 2008, 2009 and 2010. The bank has credited accrued interest every year in my account for the year 2008, 2009 and 2010.
Now, I want to close my P.P.F. account, but bank is not giving interest after completion of 15 years which is from 31/03/2007.
So, I request you to give necessary instruction to State Bank of India to pay me my credit balance with interest up to to-day.
It may be noted that the bank has accepted the P.P.F. deposit in H.U.F. account even after 15 years and the interest was credited in my account every year.
The Bank has not displayed on the notice board any information of notification for (H.U.F.) P.P.F. subscribers opened prior to the 13th day of May 2005.
We are waiting for your satisfactory reply as early as possible.
I HAVE RECD SAME REPLY FROM SBI ULHASNAGAR, I HAVE HIRED AN ADVOCATE MR. DINESH LAHORI HIS MOB NO IS 09324766522, HIS EMAIL ID lahoridinesh@Yahoo.com
AS PER HIS PHONE DISCUSSION, MR KHAN ASST SECRETARY MOF/DEA DELHI HAS GIVEN INSTRUCTION TO BANKS ALLOW INTERST UP TO 31-03-2011 & CLOSE THE ACCOUNT, THIS MAY BE FOR ACCOUNT HOLDERS, WHO HAS NOT EXTENDED ACCOUNT, BUT JUST CARRYING.
HE HAS GOT ONE MORE ORDER FROM APPELANT AUTHORITY ABOVE RBI OMBUDSMAN, THEY HAVE ORDERED TO PAY COMPESATION EQ TO FD INTEREST.
CAN ANY BODY TELL ME WHAT WILL BE PROBLEM, IF WE GET NOTICE FROM ITO
DISALLOWING 80CC INVESTMENT IN PPF ACCOUNT, HE CAN CHARGE, INCOMETAX, PENALITY & INTEREST, WHICH WILL BE MORE SEROUS FOR US
MR DINESH LAHORI IS NOT AN ADVOCATE, WHO HAS SUGGESTED THIS BY MISTAKE
I HAVE QUOTED HIS NAME, & EMAIL & MOBILE NO, SINCE HIS VISITING CARD WAS LYING WITH ME FOR SOME OTHER PURPOSE.PLEASE DO NOT CONTACT HIM
FOR THIS PROBLEM. I WILL CONTACT THE CONCERNED OTHER LAWYER & INFORM FURTHER DEVLOPMENTS REGARDS
even i have a PPF account with sbi pedder road br and at the time of closure they have deducted (reversed) 4 years interest payment stating ppf accounts for HUF is not valid.
what can I do in this scenario?
THIS IS MY 19TH YEAR IN HUF PPF, I GOT MY CHEQUE AFTER REVERSING INTEREST OF THREE YEARS, EVEN CURRENT YEAR INTEREST NOT CREDITED, TOTAL LOSS OF THREE LAKHS.
I HAVE COMPLAINED TO RBI OMBUDSMAN, THEY HAVE ACCEPTED MAINTAINABLE COMPLAIN, MY BANK REPLIED ON THE BASIS OF RBI CIRCULAR IN 2005. INTEREST NOT PAYABLE.15 YEARS
RBI CIRCULAR SAYS, HUF.PPF ACCOUNT OPENED BEFORE 13-05-2005, WHICH HAVE BEEN MATURED BUT NOT CLOSED YET, MUST BE CLOSED BY 31-03-2011 & ENTIRE AMOUNT CREDITED MUST BE REFUNDED, MY VIEW ACCOUNT MATURED IN 2007, BUT NOT CLOSED, CONTINUED TILL 19TH YEAR, TILL 31-03-2011 & ENTIRE AMOUNT INCLUDES, DEPOSITS ACCEPTED BY BANK IN 16TH, 17TH, & 18TH YEAR PLUS INTEREST CREDITED.
IT IS GOOD NEWS FOR PPF ACCOUNT HOLDERS IN HUF.
I HV RECD PHONE ON 28-05-2011 FROM SBI, THEY HV AGREED TO RELEASE INTEREST REVERSED, I WILL COMMENT IN TWO DAYS AFTER COLLECTING CHEQUE FROM SBI ON 30-05-2011
HOPE YOU ALSO APPROACH TO YOUR SBI GET YOUR DUES.IT WILL CLOSE OUR COMPLAIN
HURRAY GOOD NEWS FOR ALL PPF HOLDERS OF HUF
I GOT MY INTEREST FOR 16TH, 17TH, 18TH & 19TH YEAR UP TO 31-03-2011
I HOPE THIS COMPLAIN IS CLOSED PERMANANTLY
KINDLY APPROACH YOUR BRANCH OF SBI, GET FULL INTEREST UP TO 31-03-2011
IF ANYBODY WANT TO CONTACTB ME SEND EMAIL & YOUR MOB NO
sir, what is the position for huf ppf a/c not closed after maturity but amount retain in huf ppf a/c after 1-4-11 tiil date.
circular says that a/c should be closed before 31-3-11but what is the position for not closed a/c for which banker has not inform on our registerd address.the last circular dt 1-6-11 says for intrest of closed a/c in between period for closed a/c but intrest not paid to them for which direction to give intrest before 31-3-11.
sir, kindly give clarification for not closed a/c after 1-4-11 &status of intrest for retain balance in a/c