BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Funds are lying in Branch’s proxy account. Branch should debit proxy account and credit PPF.
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Funds are lying in Sundry account. Branch should sundry proxy account and credit PPF.
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Funds are lying in Branch’s Net liability account.<br />Branch should debit net liability account and credit PPF.
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Funds are lying in Other Liability account.<br />Branch should debit Other Liability account and credit PPF.
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Detailed explanation-1: -If you miss the PPF account minimum annual deposit requirement of Rs. 500 altogether it will lead to account deactivation. In such cases, you can reactivate the account by paying a penalty of Rs. 50 plus Rs.
Detailed explanation-2: -The usual transfer process can take up to one month. Although transferring of PPF account requires you to undergo the KYC process again along with filing up of fresh forms, the transfer of account will be considered as a continuing account.
Detailed explanation-3: -Yes, you can withdraw money from your PPF account if you have completed 5 years of continuous contributions. For that, you need to obtain Form-C (PPF Withdrawal Form) from your respective bank, fill it and submit the same along with an application for withdrawal at the bank.
Detailed explanation-4: -You can transfer money into your PPF account. You have to go to the payment section after logging to your internet banking portal. You should then click on ‘third payee’ and submit details such as your bank IFSC code, PPF account number.