PPF with ICICI !!

I realised that banking experience in India is still a long way to go. I had a PPF account opened with SBI in Noida but I could not contribute much to it. When I wanted to shift the correspondance address on the PPF account to my current hyderabad account, I was told that I need to transfer the account to a hyderabad SBI branch which took almost like two-three months. Now I have again shifted out of hyderabad and does not have patience to shift the account again. I wondered why no private bank offers a PPF account facility with a direct debt from saving account. This ensures a speedy and hassle-free saving to any PPF account. This also automatically puts a regular saving discipline.

After searching a bit I found that ICICI bank is authorised(PDF) is authorised by Ministry of Fianance to collect PPF money in select branches. So when I went to one of the local branch, the person there bluntly told me that we dont open PPF accounts. He told us to visit some other branch. When we went to one of the main branch in the locality, there also the story is repeated. We had to forced them to talk to the manager, who finally accepted that a circular has come but no one till now has asked us to open a PPF account. After a lot of argument and pain, I finally managed to open an account for my wife. But again we didnt got the direct debt facility.

1 comment:

  1. sachin10:33 AM

    what is procedure of transferring ppf account at ICICI to SBI