i requested sbi to trs my ppf ac to axis bank.pay order was issued to axis bank.submitted to axis bank
there is a lot of delay in getting my ac transfered at axis bank. i requeted axis bank to cancel my application and issue pay order to sbi again. bth banks are willing to oblige.sbi willing to open a new ac with payorder from axis bank
my question is
a) is the tranfer back to sbi is legal ?
b) will there be any interest loss during the process ?
Asked 2 years ago in Income Tax from Dombivli, Maharashtra
With respect to your quarry please find below answer :
1. I have my doubt on such transfer as it is not possible for axis bank to transfer ppf once open with them to again transfer back to sbi still need to check with bankers.
2. There will be interest loss for the period from which pay order prepared and not credited by another bank as for such time you will not receive interest on the amount invested.
For further details please free to contact me.
Thanks & Regards
CA Vishrut Shah
No let the same be in SBI.
There is no taxation law as far as transfer of ppf is considered.
There may be loss of interest if one bank issues you the PO and the other bank delays crediting it to its bank account.
CA ROHIT R SHARMA
There is nothing wrong in transfer back to SBI.
There may be interest loss as the DD, as SBI will not be responsible for the delay in processing by Axis Bank. The payment of interest by Axix Bank needs to be negotiated by you.