It is possible to transfer a PPF account from a post office or from an authorised bank to another post office/ bank. Such PPF account will be considered as a continuing PPF account and account holder does not loose on any interest.
Following procedure needs to be followed to transfer an existing PPF account from one bank/post office to another bank/post office:
- PPF account holder should submit a PPF transfer request in the bank/post office where PPF account is held.
- The existing bank/post office will then send the original documents such as the account opening application form, nomination form, specimen signature etc. along with cheque/DD of the balance amount held in the PPF account to that bank branch address where account holder wants to transfer his PPF account as provided by him.
- Account holder is then required to submit a fresh PPF account opening form (Form A), nomination form (Form E / Form F- for change of nomination) along with the original PPF passbook and fresh KYC to the new post office/bank where he wants to transfer his PPF account.
Benefits of PPF Account Transfer
- If you transfer from post office to bank, then you can get the facility to deposit the amount in your PPF account online also. Presently, the post offices do not offer such option to their investors.
- If you are shifting or relocating to another city for any purpose such as transfer, change of employment, change of city after retirement, shift after marriage, etc., then it will be better to tranfer your PPF account in the same city so that the future transaction can be handled more easily having your PPF account in local city.
- If you are unhappy with the services of the branch of post office/ bank where you are having your PPf Account then you can transfer your account to get improved customer services offered by new branch.