PPF subscribers can easily transfer their Public provident fund (PPF) from post office to authorized bank or from the bank to your nearest post office. The main reason for shifting from post office to Bank or to another Bank is when someone changes their location from one place to another place or they might be looking for online facility – where than can easily access their PPF account through net banking. Once you transferred your account, the PPF account will be considered as a continuing account and all the rules of PPF account will remain same. (Read: PPF account in ICICI Bank)
4 simple steps to transfer your PPF account from Post office to SBI Bank, ICICI Bank, Dena Bank, Axis Bank, IDBI Bank, PNB Bank or any other authorised bank in India
1. The customer needs to approach the post office where his/her PPF account is held and need to submit Form SB 10(b) (you can download the form from the link here) to Head PostMaster for transfer of PPF account to bank. Remember to take few photocopies of the existing PPF Account Passbook. This may be helpful in case you need proof of investment for tax saving purpose or any other future discrepancies.
2. Post office will process your application and they will send your original documents such as nomination form, certified copy of the ppf account, specimen signature and other relevant documents to the bank branch address provided by the customer, along with a DD or cheque for the outstanding balance in the customer ppf account.
3. After all the documents received at the bank branch, the customer required to submit fresh Form A – PPF account opening form, Nomination form (Form E) or Form F in case of change of nomination, along with their original passbook from the post office. Customer is also required to submit a fresh set of KYC documents to the Bank Branch.
4. Once the PPF application processed, branch will notify the customer on this and the customer can collect the new PPF passbook. This new PPF passbook will only have the new entries and all your old entries will not be present in the new passbook. Once the PPF account activated in bank – you can easily access through bank netbanking for checking PPF account balance, to view your PPF account statement, for transferring amount etc.