PPF Account Transfer

The PPF account can be transferred from a bank to the post office, and vice versa. The account can also be transferred between branches of the same bank. Here is how one can go about it.

• The PPF account holder must submit a PPF transfer request at the bank branch or post office in which he or she has created the account.
• The post office or bank branch at which the account was created will send across all original documents like the certified copy of the account, account opening application, specimen signatures, nomination form, etc. to the bank branch or post office in which the account holder wishes to transfer his holding. All these documents are accompanied by a cheque or demand draft (DD) of the outstanding balance in the PPF account at the time of transfer.
• Banks normally require the customer to re-submit a new PPF account opening form, nomination form along with the original PPF passbook, when he or she has been intimated by the bank that the transfer of documents is completed successfully and the cheque / DD is received successfully.
• Generally, a new set of KYC documents will also be required to be duly filled in.

Transfer from Post Office to Bank: If you want to transfer your account from a post office to a bank or vice-versa or one bank to another, here's how you can transfer your PPF account: 

• Visit your existing bank/post office branch along with your PPF passbook. 
• You will be required to submit a transfer application request. On the application form, you will be required to mention the full address of the post office/bank's branch where you wish to transfer your PPF account.
• Upon receiving your PPF transfer application request, the existing branch will start the process. Collect the receipt of the transfer request. The existing branch will send the following documents to the new branch:
• Certified copy of the account 
• Original Account opening application form 
• Nomination form 
• Specimen of your signatures 
• A cheque or demand draft of the outstanding balance 
• Existing PPF passbook 

• Once the new bank /post office branch receives your documents from the old branch, the branch officials will intimate you about the receipt of your documents.
• At the new branch, you will be required to submit the fresh account opening form, change of nomination form, if any and original passbook.
• Carry your photographs, PAN card, address proof such as Aadhaar card, voter's ID as your bank might ask you to undergo the know-your-customer (KYC) process again.

How to transfer my PPF account from post office to bank?

If you want to transfer your account from a post office to a bank or vice-versa or one bank to another, here's how you can transfer your PPF account:

• Visit your existing bank/post office branch along with your PPF passbook. 
• You will be required to submit a transfer application request. On the application form, you will be required to mention the full address of the post office/bank's branch where you wish to transfer your PPF account.
• Upon receiving your PPF transfer application request, the existing branch will start the process. Collect the receipt of the transfer request. The existing branch will send the following documents to the new branch:
• Certified copy of the account 
• Original Account opening application form 
• Nomination form 
• Specimen of your signatures 
• A cheque or demand draft of the outstanding balance 
• Existing PPF passbook 
• Once the new bank /post office branch receives your documents from the old branch, the branch officials will intimate you about the receipt of your documents.
• At the new branch, you will be required to submit the fresh account opening form, change of nomination form, if any and original passbook.
• Carry your photographs, PAN card, address proof such as Aadhaar card, voter's ID as your bank might ask you to undergo the know-your-customer (KYC) process again.

Important Points to Note for PPF Account Transfer

The usual transfer process can take up to one month. Although transferring of PPF account requires you to undergo the KYC process again along with filing up of fresh forms, the transfer of account will be considered as a continuing account. Hence, all benefits such as premature withdrawal, loan facility will not be affected.

Due to the transfer process, a new PPF passbook will be issued to you and your outstanding balance will be shown as a credit of balance transfer. It is advisable to take a photocopy of the old passbook for record of old transactions.

About PPF

Public provident fund (PPF) is a very popular investment avenue since it qualifies for deduction under section 80C of the income tax act and maturity proceeds are tax-free. PPF enjoys an exempt-exempt-exempt (EEE) tax status. Investments can be done in the most public sector and select private banks, as well as in post offices. Unlike banks where you can transfer funds online, the post office offers no such option to its investors. This is problematic as visiting a post office every time you want to invest can be a tedious affair. This could be a reason why someone would want to transfer their holdings in a post office PPF to a bank.

People who have a PPF account with a bank would also want to transfer their account. It could be because of many reasons such as, they can't visit the branch, they are relocating to another city for employment purposes, and they are unhappy with the services of the bank and so on.

Both bank and post office PPF account holders can transfer their accounts from one bank to another, or from one post office branch to another or bank.

FAQs: PPF Account Transfer