The rules applicable to the Public Provident Fund (PPF) allow a transfer of account from the post office or bank where it is held, to another post office or other branches of the same bank, or other authorised banks. An investor can choose to transfer his account if a change in his location makes it difficult to manage it at the existing location. The transfer entails closing the account at the existing location and opening a new one.Form: A written application for the transfer needs to be made to the bank or post office where the investor has his PPF account, along with a transfer form (SB10-b) after filling it in. The form can be downloaded from here.
Information: The details of the account, including the names and addresses of the branch/bank/post office where it is held, as well as the location where the transfer is sought, needs to be mentioned in the application.
Procedure: The signature of the account holder is verified and the old bank or post office closes the PPF account. A cheque/ demand draft for the outstanding balance in the account is sent to the new bank/post office, along with a certified copy of the account statement, original account opening form, nomination form and specimen signature.
Points to be noted:
- On transfer, the PPF account is considered a continuing account, not a new one.
- The account holder can choose to change the nomination, along with the account opening procedure, during the transfer of the PPF account.
- A new passbook will be issued with the past credit in the account shown as a balance transfer.