What happen to PPF A/C if we close savings account with the bank?

[zealot]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

 

[Patil007]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

+1

 

[amit]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

you have to transfer the ppf account to other bank before closing the ppf linked saving account.

 

[R!ppEr]

nothing, both are different accounts AFAIK. i recently closed my SBI account where i also have a PPF account, but nothing happened to the PPF account.

 

[amit]

nothing, both are different accounts AFAIK. i recently closed my SBI account where i also have a PPF account, but nothing happened to the PPF account.

even after that would u able to access ppf account via sbi banking portal?

 

[R!ppEr]

even after that would u able to access ppf account via sbi banking portal?

i did not like the SBI online/mobile banking hence closed the account, i transfer money to ppf via neft from my axis bank acc.

 

[Patil007]

i did not like the SBI online/mobile banking hence closed the account, i transfer money to ppf via neft from my axis bank acc.

Ek SBI account hona chahihe, Just active rakhte 500 Rs. once in 3 month deposite karte.

 

[R!ppEr]

Ek SBI account hona chahihe, Just active rakhte 500 Rs. once in 3 month deposite karte.

a lot of people say that to me, but the whole govt office vibe in the bank is a total turn off for me! im planning to open an account in some other bank now 😀

 

[Patil007]

a lot of people say that to me, but the whole govt office vibe in the bank is a total turn off for me! im planning to open an account in some other bank now 😀

Ha, waise abhi Modi ji ane ke baad sab online hua he n streamline bhi. Every private-public banks supports all the features of government scheme n all.

So, we can choose any bank now a days.

 

[amit]

i did not like the SBI online/mobile banking hence closed the account, i transfer money to ppf via neft from my axis bank acc.

ok, I am also planning to move ppf account to hdfc and close bob account. pathetic bank. still living in 90s.

 

[zealot]

nothing, both are different accounts AFAIK. i recently closed my SBI account where i also have a PPF account, but nothing happened to the PPF account.

Thanks Man.

 

[jack333]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

You can shift ppf to any bank but as it is a govt scheme it is considered more like a govt account only in any bank. You can open new wealth account with 10 L deposit without needing to close older account

 

[AsB]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

It is somewhat mandatory to link a bank account to your PPF account, but a saving account and PPF account are separate entities. So, while withdrawing or transferring funds, you will have problems if any bank account is not linked. So, although, the impact on your PPF account will not be severe instantly, it is safest to add another bank to it.
In most cases, it is best to use a permanent bank account (like you have no intention to close it) to link to such critical long term investments.

Example :- In my case, SBI.

 

[Deleted member 5552]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

Your PPF acount will remain active. After opening new account, you can link that ppf account to new account.

But when I linked, the closed account also linked with new account. So now I can manage New account, Closed account and PPF

 

[anonymuos]

Nothing happens. For decades, I have ONLY a PPF account in Central Bank and was transferring amount directly to it. Decades later, I opened a Savings account. They are independent.

 

[caabhi]

I have savings account and PPF account with ICICI. Recently I tried to open new wealth account. But they want 25L TRV to upgrade to wealth account for existing customer. So I am thinking to close the existing account and open a new one with 5L cheque. But I have a doubt what will happen to my PPF account if I closed the savings account?

I think PPF account can remain. Check with bank to confirm

 

[ashishB]

Both accounts (PPF and Saving bank) are independent. Recently I closed my wife`s HDFC Bank account but her PPF account will reamin intact.