PPF Transfer

Transferring:

PPF is commonly opened in some compulsion or in urgency during tax calculation period, and doing so we may end upon opening PPF in wrong destination, most of the employees open their account where they posted at that time, but find operating it when they get transferred or relocated to different work location. It is not difficult if you have PPF account which can be operated through online(like in SBI or ICICI), but if you have no online access then you may find yourself defaulting in deposit of minimum amount to be deposited in PPF for a financial year. In that case better is to transfer the account to you most convenient place, I suggest to open PPF account in your home town (you will go to your home at least once in a year know!).

PPF can be transferred from PO to Banks (banks nominated to operate PPF) and vice-versa….

Procedure:

Go to the accounts office (PO/Banks) were you hold PPF account and do the following

1.      Fill the Form SB-10(b)

a)      Make sure about your current balance, if you haven’t deposited the subscription amount for current year better you deposit it before applying for transfer

b)      Make sure about address of the branch or post office were you want to transfer the account

c)      Make sure about your specimen signature

2.      Get photocopy of your id proofs (PAN/Address proof/Photo ID proof)

3.      Take passbook with you(for accounts in PO&SBI), keep photocopy for safety purpose

4.      Submit it the accounts officer; get the receipt of submission duly signed with stamp.

Account officer will no pile all documents relating to your account (account opening forms, nomination form, certified copy of the account, specimen signature etc.)

Once the documents are ready, he will get the approvals from his higher officials

After signatures from official, cheque will be drawn for your outstanding amount, and the entire documents along with the cheque will se sent to the branch were you whiling to get transferred

5.      Wait for a day or two and go back to the accounts office and inquiry about the progress.

6.      If it’s been dispatched from the current branch, go the branch were you want to transfer and get the latest the status, if its reached the branch then you will have to do the followings

a)      Fill the Form A

b)      Have PAN card photocopy

c)      Have 1 or 2 passport size photographs

7.      Account is transferred now!!!

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