People who opened there Public Provident Fund (PPF) account with post office and now want to get it transferred to some nationalized bank or ICICI bank can get it done easily. As PPF account with SBI or ICICI will offer some additional benefits to the customer over post office account like online access to PPF account for account status or withdrawal and online transfer of funds to your PPF account from saving account etc. So lets have a look how to transfer your existing PPF account from Post office to bank.
First you have to visit to the post office where you have your PPF account and and ask the postmaster about the PPF account transfer. As most of the time they deny to the fact that this facility is available to the customers. Then in that case you can show the instruction mention on the post office PPF passbook where it is clearly written that PPF account transfer is possible from one post office to another post office and from post office to bank. After taking approval from your post office follow the following steps to get your PPF account transfer from post office to Bank:-
STEP 1 – Get your Public provident fund (PPF) account passbook updated from the post office where you have your PPF account.
STEP 2 – Submit a PPF account transfer request application on a plain paper along with SB(10)B account transfer form, your original PPF passbook, copy of your PAN card and an address proof. [ Mention the name and address of the bank where you want to transfer your PPF account on the transfer application.]
Note:- You can download the SB(10)B form from the Indian post office website.
STEP 3 – If your post office accepts your transfer application and agrees to process your PPF account transfer after verification then you can visit the bank branch where you intend to open your PPF account.
ALSO READ :- How To Open Online PPF Account With ICICI Bank?
STEP 4 – Once your PPF account transfer application gets processed, Post office will send your original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. to the Bank branch mentioned by you in the transfer application, along with a cheque/DD for the outstanding balance in the PPF account. Then you can visit the post office to collect you PPF passbook.
STEP 5 – Bank will inform you about the receiving of the documents and then you have to visit the bank branch to fill the account opening form at bank and have to perform some other documentation to fulfill KYC norms.
STEP 6 – Bank will open your PPF account and transfer your PPF balance cheque received from the post office.
Once the account opening process gets done you can operate your PPF account from bank using the online banking facility for transfer or withdrawal of funds.