Any PPF account is transferable across any branch of the bank or to the head post office free of charge and, thus, you will not lose any amount on account of this transfer.
PPF Transfer is possible from a branch of bank to the post office and from a post office to the branch. However, it is not possible to do transfer from an individual to another.
The process to transfer is very simple, All you need to do is to fill up a PPF account transfer application (written request) to your bank branch/post office, submit it along with your PPF passbook. (Don't forget to take the photo copies before submitting application and your PPF pass book)
Also Refer:
SBI PPF Online Transfer - (PPF Linked with SBI online)
To transfer PPF account from a bank to a post office, the bank or its subsidiary will issue an account payee cheque or a demand draft for an outstation transfer. The account payee cheque will be in favour of the transferee head post office along with a certified copy of the ledger and all other related records in original. The account will be opened at the transferee head post office like any other new account is opened.
The Process of transfer will take 2-3 weeks time, You will get a call from your new branch (bank/post office) as your account is transferred, visit your new branch and collect the pass book. You need not have a bank account in the other branch (new bank branch).
PPF Transfer Application Form
Date:……………………
To,
The Bank Manager/Post Master (General)
………………………………………
………………………………………
Subject: Request for transfer of PPF A/c No…………………………………….
Dear Sir,
I have opened the above PPF Account in your Bank/Post office on ……………(date)
I have shifted my residence and presently staying in …………….. (Location)
Address
……………………………………………………………….
………………………………………………………………….
………………………………………………………………….
I intend to transfer my above PPF account from your bank to …………………………………………………… (Bank/Post office). You are therefore requested to please transfer my PPF account to ……….Bank/Post office as per address given below : ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
The original Bank/Post office PPF Pass Book for the entries made from …………(date)
to ……………………..(date) is enclosed herewith for doing the needful.
Thanking you,
Yours faithfully,
(………………………….)
Enclosure: Original Pass Book
PPF Deposit Slip
Link: PPF Deposit Slip
| About PPF ( Public Provident Fund) |
The PPF Scheme had come into effect in the year 1968 under Section 80C introduced by the Central Government. It helps the general public to gain rebate of 8% on Income Tax by creating payments to the fund. Opening a PPF Account with SBI is very simple as anybody who is an adult citizen or above can open it for themselves or on behalf of minors under their custodians. Investment on PPF can be done with the minimum deposition of Rs. 500/- per year & the maximum of Rs. 100,000/- annually. (wef December 2011)
Refer this:
Eligibility
Individuals
Individuals on behalf of a minor
Minimum / Maximum Investment ( w.e.f. 01-12-2011 ) Minimum Rs.500/- per annum in multiples of Rs.5/-
Maximum Rs.100,000/- per annum
Duration
15 years, Can be extended for one or more blocks of 5 years.
Account can be discontinued but repayment of subscriptions along with interest only after 15 years.
Rate of Interest
8.6% (w.e.f. 01-12-2011)per annum credited in account on 31st March every year calculated on the minimum balance between 5th day and end of the month.
Loans
Loan upto 25% of balance at the end of first financial year from third to sixth year. Second loan can be taken on full payment of first loan
Withdrawal
Only one withdrawal allowed during any one year from sixth year. Withdrawal limited to 50% of the balance at the credit at the end of 4th year preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower.
The account extended beyond 15 years; partial withdrawal allowed up to 60% of the balance to the credit at the commencement of the extended period.
Update (July 01, 2011):I did this process very recently, and it took 2 weeks times, the process for change is successfully done and now i got my new pass book of PPF account. And in the meantime i got a letter of confirmation from my old branch of PPF account informing that my account is now closed and transferred to new bank (branch) with details of new bank branch address and total amount transferred.
.....png)
