PPF transfer

sir
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 ?
thanks
dr date
Asked 2 years ago in Income Tax from Dombivli, Maharashtra
Dear Sir,

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
(+91-98214798534)
vishrut1303@gmail.com
Vishrut Rajesh Shah
CA, Ahmedabad
598 Answers
5.0 on 5.0
  Talk to Vishrut Rajesh Shah
No let the same be in SBI.
Shyam Sunder Modani
CA, Hyderabad
1373 Answers
5.0 on 5.0
  Talk to Shyam Sunder Modani
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. 

Regards,

CA ROHIT R SHARMA
MUMBAI
Rohit R Sharma
CA, Mumbai
1680 Answers
5.0 on 5.0
  Talk to 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. 
B Vijaya Kumar
CA, Hyderabad
633 Answers
5.0 on 5.0
  Talk to B Vijaya Kumar

Ask a Question

Get tax advice from top-rated chartered accountants. It's quick, easy, and anonymous!
Ask a question

Other Questions

Chartered Accountants

Abhishek Dugar
CA, Mumbai
1874 Answers
5.0 on 5.0
Lakshita Bhandari
CA, Mumbai
380 Answers
5.0 on 5.0
Rohit R Sharma
CA, Mumbai
1680 Answers
5.0 on 5.0
Keerthiga Padmanabhan
CA, Greater Mumbai
511 Answers
5.0 on 5.0
Lalit Bansal
CA, New Delhi
320 Answers
5.0 on 5.0
Pradeep Bhat
CA, Bengaluru
353 Answers
5.0 on 5.0
Vidya Jain
CA, Kolkata
343 Answers
4.0 on 5.0
B Vijaya Kumar
CA, Hyderabad
633 Answers
5.0 on 5.0
Vishrut Rajesh Shah
CA, Ahmedabad
598 Answers
5.0 on 5.0
Vishakha Agarwal
CA, Bangalore
404 Answers
5.0 on 5.0