Due to change in city/state for better opportunities or transfer in job, you might want all your communication details to be updated as per your latest residing address. For this you shift your bank’s home branch, update contact details in Credit Cards, Demat account etc.
Did you know! you can also transfer your PPF account from the post office/ bank branch from where it was opened to the new branch of post office/bank of your wish.
In this article I will explain you how easily you can transfer your PPF account to a new post office/bank branch of your choice and what format of request letter to be used for the same.
You might want to read the article on All about Public Provident Fund (PPF) Scheme.
The rules applicable to the Public Provident Fund (PPF) allow a transfer of account from the post office or bank where it is held, to another post office or other branches of the same bank, or other authorised banks. An investor can choose to transfer his account if a change in his location makes it difficult to manage it at the existing location. The transfer entails closing the account at the existing location and opening a new one.
The process of transfer is very simple. All you need to do is to fill up a PPF account transfer application form SB 10(b) or transfer request letter (format enclosed) to your bank branch/post office and submit it along with your PPF passbook. Remember! before you handover the transfer application and PPF passbook to the post office/ bank officer, take the complete photo copy of the said passbook for future reference.
In this application you need to mention the details of the account, including the names and addresses of the branch/bank/post office where it is held, as well as the location where the transfer is sought.
Now your branch will verify your account details and signature then they will close the account with issuing a demand draft or pay order along with your account details, nomination form and signature proof to the post office/ bank branch requested by you to transfer.
Few important points to be noted;
- You can choose to change the nomination, along with the account opening procedure, during the transfer of the PPF account.
- On transfer, the PPF account is considered a continuing account, not a new one. Thus a new passbook will be issued with the past credit in the account shown as a balance transfer.
- New PPF Passbook will not have all previous entries of your Interest payments & contributions. It will show only balance, new and current entries. So incase you need the previous information for claiming tax deductions, better take the printout of the previous PPF Passbook and keep photocopies of all the documents you filled and submitted for PPF Account Transfer.
- Since the complete execution process may take 2-3 weeks, it is advisable to check the status from your end by visiting to the post office/ bank branch where it is supposed to be transferred.
- As per Rule 153, you can even transfer your PPF Account from Post Office to other authorised Bank if you wish to.
Hope this article helps you understanding the procedure of transferring a PPF account. Do share your view or past experience.