PPF stands for Public Provident Fund scheme, and it is one of the most popular long-term saving-cum-investment products because it provides a combination of safety, returns and tax savings. The scheme is offered by the Government of India. It was first offered to the public in 1968 by the Finance Ministry’s National Savings Institute. Over the years, it has emerged as a powerful tool to create long-term wealth for investors. Investments in a PPF account can be done in most public sector and selected private banks as well as a post office.
Now, if you also have a PPF account and want to transfer it to another branch of the same bank or to another bank or post office because you’re moving cities, we’re here to help you with a step-to-step guide. A PPF account can be transferred across the country, and the account can be moved across bank branches and post offices.
How To transfer PPF Account From One Bank To Another or Post-Office To A Bank or Vice Versa?
Step 1: Visit your existing bank branch or post, and do not forget to carry your PPF passbook.
Step 2: In your home branch, fill out a form and submit a transfer application form. The transfer application form will include the complete address of the new bank branch or post office.
Step 3: Once you submit the transfer request, your current bank, bank branch or post office branch will begin the transfer process. Also, for a hassle-free experience, do not forget to obtain the transfer request receipt.
Step 4: Your existing branch will then send the following documents to the new branch:
(1) Original account opening application form
(2) Nomination form
(3) Certified copy of the account
(4) Existing PPF passbook
(5) A demand draft or cheque of the outstanding balance
(6) Specimen of your signatures
Step 6: Once the new bank or post-office branch receives your documents, you’ll be informed. At the new bank branch, you’ll be required to submit a fresh PPF account opening form and nomination, if there is any change.
Step 7: You’ll be required to complete the KYC process and need to submit a PAN copy, personal identity proof and address proof.
The PPF transfer process from one bank to another or bank to the post office takes up to a month.
How to Transfer PPF Account From One Branch To Another Of Same Bank?
If you want to invest in the same and need to change the branch to a new city or area, you only need to submit an application form to the existing branch asking for a change of branch. This process will take only up to seven working days.
Things To Remember
While going ahead with the transfer request, you should know that the transfer of account is considered a continuing account. Also, once the transfer process gets completed, the new bank or post office will issue a new PPF passbook. In that case, make sure that your new PPF passbook shows the correct outstanding balance.
Also Read: ELSS vs PPF: Which One To Opt For?
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