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.
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
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.
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.
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.
One cannot have two PPF accounts at the same time. However, a family is permitted to have more than one PPF account. A parent or guardian of the family is also permitted to open a PPF for any minor children they may have.
No. It is not possible to transfer your PPF to another individual. You can, however, nominate them.
Regardless of an individual’s earning capacity, he or she can open a PPF Account.
The transaction will be rejected since it is not possible to deposit more than 1.5 lakhs to your PPF account.
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