hi
i need some clarification of pre closure of ppf a/c with a bank
i opened a PPF a/c in the Fy 2014-15 (July)
In june 2019 I approached the bank for pre closure due medical emergency & submitted all documents and Original Pass book. Banker verified all documents and gave acknowledgement.
Even after 6 months i did not hear anything from the bank. Frequently I visited the bank for follow up
now I have filed a formal complaint with the branch manager and obtained acknowledgement.
The Govt. Circular says " PPF account can be closed after 5 financial years on medical grounds
Banks argument is that the year of Deposit should not be considered for calculating the period of 5 years.
I have sought a written reply in this regard from the bank
Now I want to know, as the govt. circular does not mention the method of calculating 5 years
whom should I approach for clarification in this regard.
CAclubindia
