The Public Provident Fund (PPF) is a favorite investment among Indian investors, as it offers an attractive interest rate and is backed by the Government of India. Public Provident Fund is suitable for investors who do not like to take risk in investment. PPF also enjoys the EEE benefit.
All Indian citizens can invest in PPF, but you cannot hold more than one PPF account. You can open a PPF account at designated post offices or bank branches. If you open the PPF account at the post office, you won't be having the option of online fund transfer. You can transfer funds online only if you open the PPF account at the bank. If you find it difficult to visit the post office each month to invest in the PPF, you can transfer the holdings in the post office PPF to your bank.
People who have the PPF account in one bank branch, can also transfer it to another, if they are not happy with the service or due to any other reason. Both post office and bank PPF account holders can transfer their PPF accounts from one post office branch to another or from one bank to another or even from a post office to the bank.
If you are looking to transfer your PPF account within the same bank or post office then it is very simple. You can transfer the PPF account just by submitting an application at the existing branch, where you have the account. You account will be transferred within 7 days.
Transferring from post office to bank and vice versa
If you are looking to transfer your PPF account from the post office to the bank or vice-versa or from one bank to another, you must follow these steps.
1.To transfer your PPF account, you must first visit your existing post office or bank branch along with your Public Provident Fund passbook.
2. You must submit a transfer application request and on the application form, you have to mention the full address of the post office or bank branch where you are planning to transfer your PPF account.
3. After receiving your transfer application request, your existing branch will start the process and submit the following documents to the new branch:
4. Once your documents have been received by the new bank/post office branch from the old branch, you will be notified of the receipt of your documents.
5. You must submit the fresh account opening form and change of nomination form at the new branch.
6. Banks might ask you to undergo the KYC process again, so you should carry your photographs, PAN card, address proof such as Aadhaar card, voter's ID and so on.