Transferring PPF account from Post Office to Bank

Many a times, people want to transfer their PPF account from Post office to Bank. Not many are aware what to do and how to do. This post is a real life example of one of our facebook group member, Mr. Lalit Tyagi. In his own words –

Over an year or so ago, I have sought advise here on how to transfer PPF a/c from post office to a bank. Well, I have completed the process and here is my feedback:

1. Call me silly or careless, I had misplaced my ppf passbook !!…though, investment in it was very meager (few thousands). To rectify this blunder, the following things were required:
a. Report your loss of passbook in a nearby police station and get your reporting application stamped from that PS. It need not be a full-fledged FIR, just write and application mentioning your passbook loss with a/c no. and get it stamped. That’s it.
b. Fill a form for issuing of new passbook in post office and attach your this ‘reporting loss of passbook application’ alongwith that form.
c. Dealing window person in PO will process and issue a new duplicate passbook to you.

2. Regarding transfer to a bank, inquire from bank of your interest weather particular branch accepts ppf subscriptions. That info. can be obtained from bank’s website also. In my case it was IDBI bank.

3. IDBI bank branch gave an application format, just filled in my name, a/c number, etc….and submitted to the post office where I had a/c alongwith the original passbook. (Note: keep one photo copy of your pass book before submitting). PO also asked to submit one copy of PAN card and address proof alongwith it.

4. PO told, it’d be transferred in one week. … and it actually did. I received a letter from PO by courier, copy to IDBI bank that a/c is transferred. Then I once visited IDBI branch, they gave new a/c number, and on my request connected it with my savings a/c in same branch. They didn’t even ask for any application for it.

5. Now I am able to access my ppf a/c too alongwith my savings a/c online and deposit money too. ….and I like IDBI service in all respects.

That’s all…….

 

Was this post helpful to you in understanding the process? Can you now do it for you or some one else in your family? Please feel free to share your views, queries and comments below.

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8 Responses to Transferring PPF account from Post Office to Bank

  1. Jugal patel says:

    Can the account be transferred from SBI to my bank that is Bank of India. BOI accepts ppf subscriptions

  2. devang says:

    HI, I also want to transfer account from post office to IDBI but PO guy tel me that it is possible with SBI bank only. is there any rule I can show him? Please help.

  3. Kapil Tiwari says:

    Thanks Ashal and Lalit, this will serve as a real life case study for a lot of our group members who wish to transfer PPF from Post Office to a bank.

    An important message has been passed on to the investors: Get the hell out of the Post Office and make the transition to a bank whether for PPF or SCSS. Respect yourself!

  4. Lalit says:

    Thanks Dear Ashal for posting it. Hope it helps others.

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