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How To Transfer PPF From Post Office To Bank?

By Shatavisha Chakravorty

One of the most common investment options of the bygone era, the Public Provident Fund or the PPF is something that is a very convenient investment option for millennial adults who have just started to earn their bread and butter.

How To Transfer PPF From Post Office To Bank?
Having a very high interest rate of 8.1 per cent that is compounded annually, the PPF is one of the top most government tax saving schemes that are available in the current market.

What sets this investment option apart from that of all others is the fact that despite having a long lock-in period of 15 years, one can withdraw money on a partial basis right from the fifth year itself.

Since the interest rate of the provident fund is set directly by the Ministry of Finance of the Government of India, it is not really subject to market risk and gives a steadier growth.

However, having spoken of the host of advantages of the PPF, it is fair on our part to say that it is pretty inconvenient for one to have a PPF in the post office. One of the primary reasons for the same is the fact that there is no option for online banking.

Needless to say today’s millennial adults do not really have the patience to stand in the long queue in the post office to make a simple deposit.

Another possible reason for the same may be the fact that an account holder is shifting from one town to the other. In such a case it will be much easier for the person to have their PPF account in the bank next door rather than have the same in a distant post office.

Thus if you are someone who is looking forward to shifting their PPF account from a post office to that of a bank, read on to know how you can go about with achieving the same.

• Filling of the form

As with all other legal documents, the first and foremost thing that one needs to do to be able to make a change is to fill a form.


In case of transfer of a PPF account from a post office to a bank, the form that one needs to fill is the transfer form that is also known as SB 10 – b. This form is available online. Once thus form has been duly filled, the same can be submitted in the post office.

• Complete information

It is understandable that one is seeking a transfer of the PPF account from a particular post office due to some reason or the other. While we understand that your reason may be genuine and that you are a busy person, you cannot afford negligence while filling up the aforementioned form.

An incomplete form will be outrightly rejected and you may not be able to make thetransfer. Hence, make it a point to mention the name and address of the bank where you want to make the transfer along with the correct branch name. The location of the bank where the transfer is sought is also something that needs to be mentioned in the same application.

• Procedure for the transfer

Once the authorities are able to verify the signature of the account holder, the post office goes on and closes the account.

It also sends a cheque for the outstanding balance that is present in this account directly to the new bank. This is accompanied by a host of other documents that include a copy of the original account opening form, nomination form and a certified copy of the account statement.

The post office also sends the bank a copy of your specimen signature. Thus it is fair to say that the post office and the bank collaborate to take care of most of the hassles and the transition is pretty smooth on the part of the account holder.

• Ushering in change

It is important for us to realize that when we transfer our PPF from the post office to the bank, we are not creating a new account. All we are doing here is continuing the old account in a new place.

However, if you wish to change the nomination of your PPF account along with the said account opening procedure, you can do the same during the transfer of the PPF account. This is achieved by mentioning the details of what you want in the form SB 10 –b and the same will reflect in the PPF account in his bank.

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