Ppf account!

crpc (Querist) 11 September 2022 This query is : Resolved
Dear All Learned Advocates ,

Due to improper information provided by bank and hiding of some available option like with 500 per year with 50 rs penalty a ppf account can be activated, they pushed me close my 2005 initiated PPF account i.e. 17 years old irregular ppf account. It was irregular due to not depositing money in same account since 2 years.. They have issued banker cheque of final amount but I have not encashed the same.

As they put the pressure of provided misleading information to close the account and due to same i out application and closed same. But later come to know my whole life compound interest has been lost due to this closure.

I requested the reopen and continue the same account but they refused the same. Due to this misleading information from bank finally i beared heavy loss.

My question -

1. Can I make bank same ppf account to reopen again by some way , if yes please suggest same.

3. If Bank, RBI, Judicial at any level i can avail some remedy kindly let me know, as i felt now i lost very heavy financial benifits due to this bullying from bank.

Thanks to all of you.

Regards.
Ankur

Follow Query

Report Abuse

Quick Summary

A user's PPF account, opened in 2005, was closed by the bank due to a lack of deposits for two years. The bank allegedly provided misleading information, failing to mention options like continuing with a small penalty or extending the account. The user later discovered they lost significant compound interest and wishes to reopen the account. They are seeking advice on whether reopening is possible and what remedies are available through the bank, RBI, or judicial channels.

kavksatyanarayana (Expert) 11 September 2022
Your query is not clear to me. But to my understanding once an account was closed no option to reopen the same account except a new account.

crpc (Querist) 12 September 2022
Hi All,

Query is very simple here:

To mislead branch people asked that no debit/credit will happen into this account after 2020(15 years), hence i took it frozen account and step forward for closure... But when I took statement for taxation purpose, I saw three entries after maturity/2020 for 2021,2022 of interest were credited. So I conclude they given misleading information.

PPF account can be extended with some form h if we give application at 14th year. But I didn't given any extension and closure application. As per branch and helpline there must not be any credit , but after 2020 credit were there. Branch/Helpline are not able to answer , why after 2020 credit happen ?

After this I researched internet and come to know PPF can be extended lifetime with 5 year of extension blocks, which were not told by bank and there were additional clause of 50rs penalty/year with 500 as deposit i.e. 550 if someone not deposited for few financial years that too were not informed by bank.

Hence I conclude to save the all future compound interest bank hidden these two clause and provide misleading information of not any debit/credit into account. Due to this minimum I lost approximately 6 month compound interest.

Afterwards when I requested to reopen. They refused. So for this I put a query here, as lost here lifetime compound interest which would be approximately 25Lac. Hence I asked what remedy I can avail, as this is problem at bank part i.e., they provided misleading information of frozen account which pushes me for closure which must not be.

Kindly suggest accordingly...

Thanks & Regards.

Ankur

kavksatyanarayana (Expert) 12 September 2022
Report the full facts to OBDUSMAN.

crpc (Querist) 12 September 2022
Dear Sir,

Thanks for this valuable advice. One more point I want to clear Do I need to file complaint at SBI HO or directly to Ombudsman ? Do SBI HO has power of reversing closure process and restore into previous activated state or only ombudsman is having this authority ?? Or none is having only court is having this authority ??

In short I am not aware of process , so want to know exact process and powers at different level...

Kindly suggest accordingly...

I would be too much helpful to you and all...

Thanks & Regards.
Ankur

kavksatyanarayana (Expert) 13 September 2022
Consult a local lawyer/a retired bank employee to prepare whichever is necessary.

crpc (Querist) 13 September 2022
Dear Sir,

Thanks for your response.

Is there any lawyer to handle this matter in Bangalore,where r u , sir ? If u r at Bangalore, can u take it ??
Regards.
Ankur

crpc (Querist) 13 September 2022
Dear Sir, Thanks for your response. Is there any lawyer to handle this matter in Bangalore,where r u , sir ? If u r at Bangalore, can u take it ??

Thanks & Regards.

Ankur

kavksatyanarayana (Expert) 14 September 2022
I am in AP. Inquire among your well-wishers/friends.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries