If you are having Public Provident Fund(PPF) account at post office, you must be finding tedious and time-consuming to visit post office each time when you want to deposit an amount. It maybe necessary to move from a post office to a bank to make your life easier.
Here is how you can transfer your PPF account to SBI. This will be helpful if you are a busy person and have a hectic schedule as the bank provides online transfer facility.
Pre-steps to be taken
- It is better if you have an SBI account
- Update your passbook till date (Also, take photocopies)
- Can change nominee while transferring account.
Steps to transfer account to SBI Bank
- Download transfer form (SB 10 form) if you are transferring from post office
- Write an application requesting for transfer to SBI Bank
- Submit the same along with your passbook.
- Deposit photocopies of documents for ID proof, which can be PAN card, voter's ID card, etc.
Once it is submitted, the account is closed and it is sent to requested bank along with your documents and balance amount by demand draft or cheque. You will receive call from your requested bank
New passbook will be issued. Note that previous records will not be reflecting in new SBI pass book.