How to transfer PPF Account from Post Office to Banks?
If you are a tax payer in India, you should have a PPF account in order to make significant contributions for your life and save taxes on those contributions. Public Provident Fund account can be opened in almost all nationalized banks, few private sector banks and post offices. There are a number of people who get it opened at a post office and later plan to get it transferred to a bank in order to get better banking services. This can very easily be done by following the below mentioned steps.
Steps to transfer your PPF Account from Post Office to a Bank
- Visit your post office along with your passbook and ask the representative for the transferring process. Before you handover you passbook to the post office official, make sure that you have checked our interest entries along with deposit entries. You can keep a photocopy of your passbook before submitting.
- Fill the application for transfer of account from post office to the concerned bank. The documentation process would involve an application form along with form SB (10). You can also download this form from internet.
- After submission of your passbook and application form, the post office executive would verify your documents and entries on your PPF account and transfer whatever balance has been accumulated on your account in the name of the fresh account that you would be opening at the new bank branch. This balance amount would be transferred in the form of DD or account payee cheque. The executive would also hand over the receipt of transfer to you.
- One you are done with your chores at the post office, visit the bank where you want to take your PPF account and handover the receipt and your KYC documents for him/her to open a fresh PPF account udner your name. this would not really be a fresh account, since the balance and the tenure of investment carried forward from your post office PPF account would be merged with this new account.
Things to remember in the transfer process
- Keep a photocopy of passbook before submitting it to the post office executive.
- Take all the requirement documents from the post office before leaving because that would be required when you walk in to the bank for transfer of the account.
Last but not the least; in case, any post office executive denies transferring your account and process the request, you can remind them of rule 153 of Chapter IV of Post Office Saving Bank Account Manual Vol. 1, second schedule.