Individuals may want to transfer their PPF account from post office to the bank. This is because of a host of reasons, including being convenient.
It does take sometime to complete the process and requires a few things to be done.
Here is the process to transfer PPF from post office to bank?
To begin the process, you first need to approach the post office. In fact, you need to make an application to the post office, where your account is held.
The post office will proceed to send the list of a host of things to the concerned bank, where the PPF accounts needs to be opened.
These include all the accounts opening details that were initiated at the start of the account, including the account opening form, nomination form, signatures,
What the bank would do transfer the PPF account?
Once the bank receives the forms, the next step would be to inform the customer. The customer would then have to make a fresh application at the Bank.
Also, there would be a need to update the Know Your Customer Details as the old ones with the post office would be pretty much outdated.
Your bank would intimate you on all the possible details, that are required.
Some delays in transfer could be a possibility
You cannot expect that the whole procedure would be transparent and flawless. Expect the entire procedure to take time. You may be asked to furnish many relevant details before the transfer takes place.
It could be a tedious process at the post office, we well as the bank. Make sure that you take a photocopy of all the possible documents, before you handover either to the post office or the bank.
Why you should transfer your PPF account to the Bank?
The PPF account at the bank is better managed. This is because, you can do a lot of things online. For example, you can make the payments online, as well as view the balance online. You might find the entire process less time consuming and more transparent.
It is also important to remember, that the EPF account has a tenure of 15-years. Being a very long term account, you should be better prepared to handle the same, where procedures are much easier.
Also read: Lic Jeeven Anand or PPF: Which is better?