Public Provident Fund ( PPF ) is one of the most popular and safe investment options in India. Its stable and guaranteed returns make it ideal for investors with a low-risk appetite.
A PPF account can be opened at any bank branch or post office. According to Livemint, the good thing is that in case of a job change, city change, or even a bank change, you can easily transfer your PPF account. You can transfer it from one bank branch to another, from one bank to another, or even from one post office to another.
This is the process to transfer PPF account
Follow the steps given below to successfully transfer your PPF account:
Step 1 : Visit your existing branch
Visit your existing bank or post office branch with your PPF passbook.
Step 2: Submit the transfer application form
From there fill the PPF Account Transfer Request Form.
In this form you have to clearly enter the full name and address of the new bank/post office branch where you want to transfer the account.
Step 3: Get the application receipt
After submitting your application, the bank/post office will issue you an Acknowledgement Receipt. This is an important document; keep it safe for future reference.
Step 4: Processing by existing branch
Your existing branch will process your application. Once the process is complete, they will send the following documents in a sealed envelope to the new branch:
Authenticated documents of your account.
Cheque/DD for your PPF account balance.
Copy of nomination details.
Your PPF account opening application form.
Step 5: KYC and other procedures at the new branch
You will be notified of receipt of these documents at the new bank or post office.
You will need to complete the KYC (Know Your Customer) process at the new bank/post office branch. You will need to submit a copy of your PAN card and proof of identity and address.
If there is any change in your KYC details during the transfer, the new branch may also ask you to fill a new PPF account opening application form.
Step 6: Balance Transfer
After the KYC and other formalities are completed, the new branch will transfer the balance from your old account to the new PPF account.
Important things to know
There are some rules related to PPF account transfer that you need to know:
Individual Transfer Prohibition: PPF account cannot be transferred from one individual’s name to another.
Nominee Rights: A nominee cannot continue to use the PPF account directly after the account holder’s death. The nominee must first receive payments from the deceased’s account.
New account of nominee: However, the nominee is free to open his new PPF account even if he has previously received payments from the deceased’s account.
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