Due to constant mobility issues for different reasons, you may also feel the need to operate your investments likewise, even though the process has been rendered online i.e. you can deposit towards your PPF account through the online mode. Nonetheless, when it comes to redemption of the proceeds from the account, you need to still go by some paper work.
And if you are in the process of moving your PPF account from one bank account to another or across branches or post office, here is the process. Also, in the process it has been provided that you do not lose on the interest component.
Here is how you can move your PPF account and also not lose the interest amount during the intervening period.
Before we get to know the steps to get the transfer of PPF account done across bank or branches, here is given the drawback of maintaining the said account at PPF. While PPF at post office or bank branch provides the same return as it is a government-backed small saving scheme. Nonetheless, when you have this account at post office, you have to do any of the transaction only through the offline route. But when you have the same account at bank, you can transfer amount in the account through the ECS mandate route or via NEFT.
But if there is a case when you wish to transfer the PPF account maintained at one bank to another because of inadequate services etc.
Process of Transfer of PPF a/c from one bank to another or across branches:
1. You need to give an application for facilitating the transfer of PPF account at your current bank or branch and herein you also need to furnish your original PPF passbook
2. In the application form requesting transfer, you need to give in the complete address of the bank branch, where you wish to transfer your current PPF account. And after you have placed the request, do ensure that you get the receipt of such a request made from the bank or post office authorities.
3. Then the bank or post office will process your request and in the process will submit the PPF passbook, specimen of your initials, a certified copy of the account, nomination, a DD or cheque of the outstanding balance to the bank or branch which is specified in the transfer application.
4. And as and when the new bank or branch receives the request for the transfer, you will be informed.
5. Now at the new bank or branch you would need to apply for the PPF account opening. Also, you would need to provide nomination details, in case there is any change. You would also be required to comply with the KYC requirements i.e. submit your PAN and address proof.
6. The process of transfer in case of transfer from one bank to another takes about one month to process and if its inter-bank then 7 working days.