How To Transfer PPF Account

PPF accounts can be opened at banks and post offices. These accounts are also transferable from one bank to another and from a post office to a bank based on the account holder’s convenience.

PPF Account Transfer Process

Here's how to transfer your PPF account from a post office to a bank, or from one bank to another:

• Take your PPF passbook to your existing bank/post office branch. 

• You will have to submit a request for a transfer application. 

• You must include the complete address of the post office or a bank branch where you wish to transfer your PPF account on the ppf account transfer application form.

• The existing branch will begin the process after receiving your PPF account transfer application request. Obtain a copy of the transfer request's receipt.

• Documents from the existing branch will be forwarded to the new branch as follows:

  • Certified copy of the account 

  • Original Account opening application form 

  • Nomination form 

  • Your signatures 

  • A cheque or demand draft consisting outstanding balance 

  • Existing PPF passbook 

• The branch officials at the new bank or post office will notify you once they receive your documents from the old branch.

• Upon opening an account at a new branch, you will be required to submit the original passbook, the new account opening form, and the change of nomination form.

• Keep the photocopy of your PAN card, proof of your address, such as your Aadhaar card, and a voter's ID handy, as your bank may ask you to complete the KYC process again.

Process To Transfer Within The Same Bank or Post Office

The process of transferring within the same bank or post office is quite simple. 

• Visit your bank or post office where you have the account open. 

• Submit an application to change the branch.

• Depending on the branch you request, the process can take up to a week for the transfer to be completed.

Important Points To Remember During PPF Account Transfer

• Typically, the transfer procedure takes up to one month. 
• Even though you must go through the KYC procedure again and submit new paperwork in order to transfer your PPF account, the new account will be treated as a continuing account. 
• As a result, all benefits, including early withdrawal and loan availability, will main unaffected.
• You will receive a new PPF passbook due to the transfer process, and your outstanding balance will appear as a credit of balance transfer. For a record of previous transactions, it is recommended to make a photocopy of the old passbook.

Conclusion

PPF accounts are transferable between authorized banks and post offices. The PPF account will be regarded as a continuing account in this scenario. 

The process of moving your PPF account is very simple, but you must go personally to the bank where you currently have your PPF account and bring your PPF Account Passbook to request the transfer.