SBI says husband can't use wife's debit card, court agrees

rdst_1 said:
OT - Not true, at least in my dad's case. He had a PPF account with SBI but no savings account. He used to easily transfer money to and from his IDBI Bank savings account to his PPF account in SBI.

Two years ago, PNB were trying to make us open an account with them to claim inheritance money from my grandfather's account. They started by citing a rule that they don't transfer money to another bank's account if amount is above 50k. I showed them documents downloaded from PNB's website itself which showed same was only true in case amount was more than 5L and made them transfer the amount to my SBI bank account.
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You can transfer to PPF account from any account, but once it matures, they ask for your savings account with SBI to deposit the matured amount. If the original depositor has passed away, then the nominee needs to produce necessary evidence to claim it. The other PNB situation you are talking about is completely different.
 
Lord Nemesis said:
You can transfer to PPF account from any account, but once it matures, they ask for your savings account with SBI to deposit the matured amount.
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Again, like I said, in my father's case, he was able to both transfer to and from his SBI PPF account from his IDBI Bank Savings Account. He never had an SBI Savings Account. He had over 35 years of service and after the first 15 years, one can continue in block of 5 years with option to make a 1 time withdrawal every year. That actually is allowed from 7th year onwards in the original 15 year period. Since he didn't have other savings, he used to withdraw money from his PPF and then add it back to make sure he got the benefit of 1.5L in taxable income, whenever he didn't have enough money to deposit in his PPF.

Maybe it wasn't a requirement when he opened his PPF account 35 years ago.

The PNB example was made, so as to show that it's better to read the rulebooks online as the words of the bank officials are not always true and they have to be made to follow their own rules sometimes.
 
It is not mandatory, but most banks including SBI won't allow you to open PPF account without linking it to a savings account. You will then have to reach out to banking ombudsman and complain and get them to do it. Also on maturity, you will have to request a cheque providing supporting documentation in order to deposit in a different account. Most people won't bother going through all that stuff.

I have a PPF account on my name opened by my father which matured in 2011. I had to give a SBI savings account to have the funds deposited. I only had a joint account with my mom and my name is second. They deposited the amount without verifying that my name is second place, but when I tried to open a new PPF account, they didn't accept the joint account too. I had to open savings account on my name and also link it to my PPF account
 
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