Understanding Option Chain

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CHETANJI
CHETANJI
9 years ago

thanks to shri nitin bhatia sahebji . good and informative report on PPF

manjeet
manjeet
9 years ago

Sir i also tried but till now not able to transfer my ppf account to the sbi bank.please tell is it legal to open more then one ppf account by a person.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  manjeet

You can open only 1 PPF account in your name. Two PPF accounts in the name of 1 person is illegal. 2nd one can be opened in child’s name but combined tax deduction of both accounts cannot exceed as specified u/s 80C.

joel
joel
9 years ago

Sir , Is it necessary that i invest the same amount year on year , or i can change the amount based on my affordability……

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  joel

You can vary the amount as per your convenience.

sam
sam
9 years ago

Sir,
I am sam…I am a GOVT employee..i have EPFO account in PF office as govt employee…I want to open a PPF account in SBI…

I want to know weather i have to face any kind of problem in future of being two PF account in my name. ( one EPFO AND PPF) ?

I have heard that more PF accounts in same name do not get the PF benefit and only the principal value will be given to that person.
Weather this can happen to any one if he has PPF and EPFO ?

pleas clearly guide me in that issue before opening PPF account?

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  sam

You can open one PPF account in SBI. Total tax deduction on cumulative contribution to EPFO and PPF account cannot exceed 1.5 lakh.

If you open 2 PPF accounts then you will face the problem shared by you.

sam
sam
9 years ago

I have changed my organisation since 6 years but do not transfer or withdraw my EPF balance..now that is become in operative…today i try to transfer it ..
but my leaving date of previous organization in 01-07-2009.

and in present organization date of joining is 15-06-2009
and date of appointment is 24-08-2009..
now how can i get rid of that problem..please help

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  sam

You cannot work in 2 organizations simultaneously. You may check with the HR of your previous organization.

sam
sam
9 years ago
Reply to  Nitin Bhatia

in previous organization the HR give me the dale of leaving as 01-07-2009.
in present organization induction training star on 15-06-2009…..after completion and passed the exam. they give me appointment.. if I failed I have to loose the job…after passed the training exam giving appointment on 24-08-2009.but EPFO contribution offered by present employer stat from Sep’09.
that was stopped by previous employer on Jun’09…In that respect what can I do to transfer my EPFO ACCC..

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  sam

Nothing much can done. You place transfer request then see what happens.

Bala
Bala
9 years ago

Dear Sir – I opened SB and PPF accounts in SBI for my minor son, with my wife as the nominee. I also gained online access to SB account and linked PPF account with it to make monthly standing instruction to the PPF account. However the SI is not happening and I was asked to contact the bank for transaction rights. When I tried to make NEFT, I got the message that the transaction right are not granted for minor accounts. But bank staff confirmed that they have granted all transaction rights, but I am still unable to transfer the amount. Kindly guide me on what should be done on this.

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  Bala

Transaction rights are not available for minor account therefore you cannot set up Standing Instructions. I am not sure why SBI staff is misleading you. You can deposit the money in PPF physically only through the branch visit.

sam
sam
9 years ago

sir.
I have an inoperative EPF account.now I am working in bsnl…I want to withdraw money from inoperative account..is this legal? if not what action may be taken by EPF office in future?how can I handle this? please advice me.(I do not want to transfer this epf…)

Nitin Bhatia
Nitin Bhatia
9 years ago
Reply to  sam
Mohammed Ali
Mohammed Ali
8 years ago

Very useful post indeed. I have a question on PPF transfer…
DO we need to open a savings account with the bank where we need to transfer the PPF?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Mohammed Ali

Not necessary. It is your choice but some banks insist to link PPF account and savings account in same bank. In my personal opinion, you should open savings account and link PPF account with savings account in same bank.

Mandy
Mandy
8 years ago

Hi.
I am having 9yrs old PPF account with SBI. Now I want to open a of account for my son(minor) and myself as his guardian. When I took form from bank, there is declaration “I hereby declare that I am not maintaining any other public provident fund Account”.

So does it mean I can’t open of account for my son, As I already having one.
Pls clarify this. Also I heard that in such cases 2nd account doesn’t get interest on principal

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Mandy

You can open 2nd account in your son’s name and you being guardian. The cumulative tax deduction of both the accounts cannot exceed as specified u/s 80C for an individual. The interest will not be paid in case 2nd account is only in your name but you can open in the name of your son.

darvesh
darvesh
8 years ago

How do i transfer online from icici saving account to PNB ppf account. i entered full account number of ppf as beneficiary but i am unable to transfer as it gives error (later on i get sms) that rejected due to no account exsists

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  darvesh

The online transfer is possible if both the PPF and Savings account are with same bank and linked to each other. In my opinion, you cannot transfer online from ICICI savings account to PNB PPF account.

Vivek Parashar
Vivek Parashar
8 years ago
Reply to  Nitin Bhatia

It is possible to NEFT the PPF amount from any savings account to PPF account. Please carefully check the account number as it looks like you have entered wrong account number or amount more than 150k or more than online limit. I have done it multiple times.

Gaurav Gupta
Gaurav Gupta
7 years ago
Reply to  Vivek Parashar

Hello Vivek, Could you please help. I have PPF account with PNB and set it up as third party payee in ICICI Net banking. Payee was successfully set up (entered exact account no as mentioned in PNB PPF Passbook) and as test i tried transferring 51 rupees through neft. amount returned back and neft charges debited.

Vivek Parashar
Vivek Parashar
7 years ago
Reply to  Gaurav Gupta

You can contact ICICI if amount is returned to know exact reason. The possible reasons can be:
1. You have not added the complete PPF account number of PNB.
2. You may have added incorrect IFSC code of PNB branch.
3. The minimum deposit required to be made is Rs.500. If payee setup is correct, try it with 500 Rs(multiple of 100 and minimum 500). Don’t worry about money – it will be safe.

Other important points:
4. It is important to know that you cannot deposit more than twice in a month in a PPF account. Also, you cannot deposit more than 12 times in a year.
5. Another important point is that deposit before 5th of month get interest for that month. So, if amount is large, try during 1-5 of the month to maximise interest gain.
6. Most of the banks don’t charge NEFT fee, ask your bank to waive it.

Ankur Mehrotra
Ankur Mehrotra
8 years ago

Are the post office branch centralised so that I can go to another branch (in Delhi) instead of going to the branch where I opened (In Kanpur) for transfer of PPF account

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Ankur Mehrotra

Yes. You can visit any post office. It is better to transfer to bank like SBI.

sanjeev
sanjeev
8 years ago

Sir, I am having PPF account in SBI from last 10 yrs. Earlier i had Saving account too with them. But i think in India it is offering one of the worst service and it is the case with many branches i dealt with in 3-4 states. I had already closed saving account due to horrible experience with SBI. Now i want to shift/ transfer my PPF account too as dealing with SBI employees is so terrible except a few exceptions. I know that for transfer they will of course create hasssles. So i think ist i should take Net banking facility for operating the account than apply for online transfer to other Govt. bank. Is it the right option ?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  sanjeev

No, you cannot transfer like this. The transfer process is not as simple as fund transfer. Firstly, you should identify the bank in which you would like to transfer existing PPF account. The target bank will help you in this process.

sanjeev
sanjeev
8 years ago

Thanks, Sir

Swanand Vaidya
Swanand Vaidya
8 years ago

Very informative post indeed.
I am having my PPF account in Bank of Maharashtra but I want to transfer the same to SBI reason being the same as you quoted above of having savings account in that bank. Can you guide me with the process?

Nitin Bhatia
Nitin Bhatia
8 years ago
Reply to  Swanand Vaidya

The steps are same as i shared in my post.

zaheer
zaheer
7 years ago

Its now been 4 months 26 days (or 149 days) since i left india. it takes 182 days to become an NRI, so i have 33 days left.
a) can i open an PPF account from abroad now?
b) can PPF account holder transfer his/her account to another person? ex: i’ll let my mother (age 65) open PPF account and after 5-10 years have her transfer her PPF account to my name. however i’ll be making all the payments from year 1 to 15.

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  zaheer

You have not mentioned the reason why you are staying abroad. If you are on assignment abroad or left India for employment purpose then you are already NRI under FEMA.

vinay barthwal
vinay barthwal
7 years ago

sir,
helpful information u had shared.
i have a doubt, actually i had open a PPF account in Punjab national bank and i have internet banking on my salary account i.e. on corporation bank..but i cant link my ppf account with the corporation saving account. i had tried to transfer the fund via NEFT also ..but during the transfer first it shows debit of the amount and later it shows reversal of the same amount after deducting certain transaction charges as applicable.
every time i have to visit the PNB branch and have to wait for my number and then only it may possible to transfer the amount.
iit seems transferring the accounts is a long process, it is also to be stated that my corporation bank branch is not offering any PPF.

please suggest the needful.

thanks and regards

Vinay barthwal

Nitin Bhatia
Nitin Bhatia
7 years ago
Reply to  vinay barthwal

In my opinion open a savings account in PNB and link to your PPF account.

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