NEWS & ADVICE : SAVINGS ACCOUNTS
Do PPF Accounts Mandate A Savings Account? A ‘Counter’ Argument
By Vaibhav Aggarwal
Sep 20, 2013
Print    Email    RSS   

PPF accounts or Personal Provident Fund accounts have been the savings facility of choice for many small business owners and non working citizens interested in having providence for their old age or loans from the same for emergencies. These accounts would be considered same as an EPF account available for employed individuals with the same benefits including loans and tax waiver.

However, issues are cropping up in many bank counters since some banks insist on opening a savings account with them in order to hold a PPF account. The savings account, it is stated would be necessary for enchasing the loans or maturity funds from the PPF account. Still the truth remains that the cash can be collected in form of drafts or bearer cheques as well. By the law, banks are just agencies for the PPF accounts which are originally managed by the Finance Ministry.


(Comments Posted : 0) Post Your Comments
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Steps to file Income Tax return online
Carnival of Indian Personal Finance Blogs #3
Personal Finance for the 21st century...
Carnival of Indian Personal Finance Blogs #4
Credit profile and its effect on loan...


ℂaℓℓ Girls in ℍinj℮wadi ℂall giℝls...
iam k.ramesh hoe to know the customer id? if i got...
how to regenerate ATM pin through ATM.
Hi sir/madem kya mujhe marksheet par loan mil sakta...
balance check
account details

NEWS THIS WEEK
HDFC bank adjudged as the Best private bank in India Feb 16, 2015
HDFC reported an increase of 20% in its net profit Feb 16, 2015
ICICI bank launched Flash remit facility Feb 13, 2015
BOM launched new savings deposit scheme for HNI customers Feb 12, 2015
BMB bank to have a total of 80 branches by the March end. Feb 10, 2015
News Archive