Are you a PPF (Public Provident Fund) account holder and not satisfied with your current PPF account provider for any reason? Or, have just shifted your residence or got transferred to a new town, as a result of which visiting the current PPF account provider to deposit money in your account at regular intervals has become difficult? Don’t worry. You can now easily transfer your PPF account to the post office or bank of your choice.
Financial experts say that if you aren’t satisfied with your current PPF account provider, whether a bank or post office, you can opt for transfer of your PPF account to the bank or post office of your choice. To transfer, you have to go to your existing bank/post office and submit the PPF transfer request to them. In case your current PPF account is with a post office, you would need to fill transfer form {SB 10(b)}.
“When the existing bank or post office receives your transfer request, it will initiate discontinuation process of the PPF account. Then your current post office or bank would provide you with original documents such as account opening application, certified copy of the account, nomination form, specimen signature etc., along with cheque or demand draft (DD) of the outstanding balance in your PPF account to the new branch of the bank or post office as requested by you. These documents can also be sent directly to your desired branch or post office,”says Naveen Kukreja, CEO & Co-founder, Paisabazaar.com.
You have to fill the required forms and then get a closure document, which is important to open the new account. For instance, if you want to get your PPF account transferred from your existing bank to another bank, you would be required to first open a savings account with the new bank and along with it a new PPF account.
In case you are an existing customer of the bank in which you intend to transfer your PPF account, you would still need to fill and submit a fresh PPF account opening form (Form A), nomination form (Form E/ Form F in case of change of nomination), along with the original PPF passbook (of your current bank). “Your KYC documents may also be required to be submitted to them. Although your new PPF account (post transfer) will carry a new number, but will be considered as a continuing PPF account and not a fresh/new account,” informs Kukreja.
