How to transfer the PPF Account from Post office to Bank account?
PPF is one of the best retirement saving schemes which provides highest tax free interest rates for 15 years. This scheme was introduced in 1968 by the ministry of finance. It is primarily an account that can be opened in any authorized bank or post office. However, many of you would have regretted if you opened a PPF account in Post office as they still maintain accounts manually with passbook and not line. If you are thinking to transfer a PPF account from the Post office to the Bank Account, this article is for you.
Features of the PPF account
If you are already familiar with PPF account, you can skip this section.
Some of the key features of Public Provident Fund (PPF) are given below.
Also Read: A to Z of Public Provident Fund, its features, pros and cons
- The interest rates are governed by the central government and declared on the annual basis generally. The interest is credited annually in the account. Currently the interest rates are 8.1% per annum.
- The initial investment with which the account can be started is ₹. 100.
- The account is opened for tenure of 15 years.
- The amount deposited in the account can range between ₹. 500 to 1,50,000 per annum. The amount can be revised as per the government rules.
- It is compulsory to invest a minimum of amount in the account in order to keep it active. Failure may result in the inactivation of the account.
- The complete withdrawal of funds can be made only at maturity. However, partial premature withdrawals can be made subject to certain conditions.
- Only one PPF account can be maintained by an individual except for an account opened on behalf of a minor.
- As we know the PPF account can be opened in post offices and authorized banks too. But, these days, people prefer banks over post offices. The main reason behind it is that they want to access their account online through net banking. The balance of the PPF account can be checked and depositions can be made too in just a few clicks. And the best part is that although transferred, the account will be considered as the continuing account and the rules of operating would remain the same.
- If you can plan it well, you can get maximum interest on Public Provident Fund.
How to transfer the PPF Account from Post office to Bank account?
- The individual needs to approach the concerned post office where his/her account is held. He/she is required to submit a form SB 10(b) to head post master. The documents that you need to take along with you are the photocopies of the existing PPF Account Passbook.
- You can download the form SB 10(b) at this link.
- The post office will process your application and send your original documents which include a nomination form, specimen signature, certified copy of the PPF account, and other relevant documents to the bank address in which you wish to transfer the account. The documents are also accompanied by a DD or cheque for the outstanding balance of the PPF account.
- When all the documents have been received by the bank branch, the customer needs to fill a fresh Form A- PPF account opening form, form E (nomination form) together with the original passbook from the post office. If he wishes to change the nominee, Form F is also to be filled. He is also required to submit a fresh document of KYC (Know Your Client) to the bank branch.
- Once the application is processed, the branch brings this point to the notice of the customer and he can collect his new passbook thereafter. This new PPF passbook will contain only new entries and all the old entries would be wiped off. Once the new account is in activation in the bank, you can access your account through net banking.
Also Read: How to transfer money from Bank account to PPF account online?
Conclusion: With the online net banking come in place, the individuals now want to avail the facility of making the payments online and checking the balances within minutes. It is quite trouble-free and time saving arrangement.
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Suresh
How to transfer PPF Account from Post office to Bank account
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Hello,
I transferred my PPF account from post office to SBI. The account opening process has been done at SBi and I have been given my passbook. It’s been two weeks and still the amount from post office is not credited to my account. How many days does it take for the amount to get credited.
Thanks
Good morning Mr.Suresh KP for the detailed info.
My concern is that i transferred my PPF accounts from Post Office to SBI, in the Month of March 2019. The SBI only credited me with the interest on my total savings, for the number of days they had my deposit, and the Post Office did not credit me with any interest for 11 months that i kept the money with them.
What is my remedy and who amongst the 2 is liable to pay for the interest on the enire amount for the entire year.
It’s a substantial amount of Interest, which I cannot forego.
Thanks
Hi Lalit, The rule is that interest is credited only at the end of financial year and in this case SBI should do it. My advice, talk to Post office first and get documentary evidence and then to SBI people.
Hi Suresh,
Nice info on the blog here. I had one query which is I have a PPF account with a post office in Kolkata & it is matured already after 15 yrs. I being an NRI the PPF would have been frozen anyways. Now I would like to withdraw this money …ideally being transferred to my NRO account with ICICI bank. I guess Icannot open a PPF account anymore with ICICI being an NRI. What might be the right procedure. Your response will be highly appreciated.
Based on your NRI status, you cannot open PPF account anywhere irrespective whether it is ICICI Bank or Post Office
I had a ppf in Jaipur GPO I got it transferred to Noida through SBBJ Noida branch.It was transferred on 9.12.2016. On 31 03.2017 SBBJ gave interest from 9.12.2016 to 31.03.2017 and said that interest from 1.04.2016 to 08.12.2016 will be given by Post Office.
Please guide me.
I have a ppf account in post office from 2011. Now I want to transfer the same account to HDFC bank at the same location.
kindly advise for the transfer procedure from post to hdfc bank
Regards,
Pritesh
Ankur,
Who will pay the interest if the transfer happen mid year?
Govt or Bank? As per SBI it has to be paid by provisos bank and Syndicate bank say this will be paid by year end only by Govt thru SBI.
Regards,
Ananth.
Dear Suresh K P,
I really like this site you have put up. It’s very clear and transparent.
My wife had made 6 year National Savings Deposits for Rs. 10,000.00 each on 19.02.10 and matured on 16.02.16. This was done at the Post office in Alipore, Kolkata.
Earlier this year we were in Kolkata and wanted to get the payment from the Post Office but were told that we could not do it as the Post Office was updating or upgrading their computer systems.
This was unfortunate as we now live in Singapore and do not go to Kolkata often.
Kindly advise what to do now? Can we do it also online or get the relevant forms filled up and authorise someone in Kolkata to withdraw the money.
Appreciate your kind reply and advise.
Regards :- Arun Shroff, Singapore
How can I transfer PPF account from one bank to another? I have a PPF account with ICICI bank and want to get it transferred to SBI bank
The process is same. Take necessary documents from ICICI bank and submit it to SBI Bank
Hi Suresh
What is your contact number as I want to speak to you about something important .
Thanks
Regards
Hi Verender, Generally i do not share my contact details. You can post as comment or send email at suresh@myinvestmentideas.com, i would respond quickly.
Thanks for your detailed explanation.
One query please – will the bank consider it as a new PPF account and hence the duration benefit will be lost ?
Or will the bank consider the existing duration spent in the post office as Valid.
Please suggest.
I have had a discussion with my Bank branch and they were not clear on this point.
Hi Ankur, It is not new account. It is existing account but transferred from one place to another.
Thank you Sureshji.