My neighbor (a very old working woman) had a PPF A/c in SBI,
on 31st of March 2010 it completed its 15 year term and
hence the same was eligible for withdrawl, she duly filled
up the redemption form and asked the bank to redeem the
amount. On 14th of April 2010, the bank issued a pay order
but deducted bank charges (as the savings account is with
another bank), SBI has nearly deducted bank charges of about
25000/- from her. My neighbor didnt have a bank account in
SBI, her account is in IDBI and SBI has deducted the charges
for preparing a pay order. Here no service is being rendered
but rather its bank obligation to make the payment, Pls
help. It would be good if we can help her!!
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Answer / Mohammad Ali Mehdi
It appears that your neighbor's bank (SBI) has incorrectly deducted charges from her Public Provident Fund (PPF) account for a pay order issued for her PPF withdrawal. Since SBI is not her banking institution, it should not have charged her for this service.
1. Your neighbor should contact the customer service department of SBI and explain the situation.
2. She should request that they correct the error and refund the deducted charges (approximately 25000 INR).
3. If necessary, she can also file a complaint with the banking ombudsman or seek legal advice if the bank refuses to rectify the issue.
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