Process to Transfer a PPF Account

The process to transfer a PPF (Public Provident Fund) account involves the following steps:

1. Visit the Current Bank/Post Office: The account holder needs to visit the bank branch or post office where the current PPF account is held.

2. Obtain Transfer Request Form: Request the transfer application form (Form SB10-b) from the bank or post office. This form is specifically used for transferring PPF accounts.

3. Fill Out the Transfer Form: Fill out the transfer request form accurately with all required details. Ensure that the information provided matches the details of the current PPF account.

4. Submit Necessary Documents: Along with the transfer request form, submit necessary documents such as:

  • PPF passbook or account statement.
  • Proof of identity/address (as per KYC norms).
  • Any other documents as required by the bank/post office.

5. Specify Details of the New Bank/Post Office: In the transfer form, specify the details of the new bank branch or post office where the PPF account is to be transferred. This includes the name and address of the new branch/post office.

6. Initiate Transfer Request: Submit the completed transfer request form along with the required documents to the current bank branch or post office. The bank/post office will initiate the transfer request process.

7. Verification and Processing: The current bank/post office will verify the transfer request and ensure that all details are accurate. They will then process the request for transferring the PPF account to the specified new branch/post office.

8. Receive Acknowledgment: Upon successful initiation of the transfer request, the account holder will receive an acknowledgment or receipt from the current bank/post office. This may include a reference number for tracking the status of the transfer.

9. Completion of Transfer: The transfer of the PPF account typically takes a few weeks to be completed. Once the transfer is processed, the account holder will receive confirmation from the new bank branch/post office.

10. Update Passbook/Statement: After the transfer is completed, the account holder should visit the new bank branch/post office to update the PPF passbook or obtain a new passbook reflecting the transferred account details.

Public Provident Fund | A Complete Guide

Similar Reads

What is PPF?

Public Provident Fund (PPF) is a savings-cum-tax-saving investment scheme introduced by the Government of India. It is designed to encourage individuals to save for their retirement while also offering tax benefits. PPF accounts can be opened by resident Indian individuals, including minors, and provide a secure and long-term investment option....

How does the PPF Account Work?

Opening an Account: To open a PPF account, individuals need to visit designated banks, post offices, or authorized online platforms. They need to fill out the PPF account opening form, provide KYC documents, and make an initial deposit. Investment Limit: The minimum annual investment in a PPF account is ₹500, while the maximum is ₹1.5 lakh. Deposits can be made in a lump sum or a maximum of 12 installments per year. Tenure and Maturity: The PPF account has a maturity period of 15 years. However, individuals have the option to extend the account indefinitely in blocks of 5 years each, with or without making further contributions. Interest Rate: The interest rate on PPF deposits is set by the Government of India and is compounded annually. It is subject to periodic revision. As of now, the interest rate is 7.1% per annum (FY 2024-2025). Tax Benefits: Contributions made to a PPF account are eligible for tax benefits under Section 80C of the Income Tax Act, up to a maximum of ₹1.5 lakh per financial year. Additionally, the interest earned and the maturity proceeds are tax-free. Loan Facility: From the 3rd financial year up to the 6th financial year, individuals can avail of loans against their PPF accounts. The maximum loan amount available is 25% of the balance at the end of the second year immediately preceding the year in which the loan is applied for. Partial Withdrawals: From the 7th financial year onwards, individuals can make partial withdrawals from their PPF accounts, subject to certain conditions. The maximum amount that can be withdrawn in a financial year is capped at 50% of the balance at the end of the fourth year immediately preceding the year of withdrawal. NRI Accounts: If an individual becomes an NRI after opening a PPF account, the account can be continued until maturity, but further contributions are not allowed. The account will earn interest at the rate applicable to Post Office Savings Account until maturity....

How to open a PPF Account? (Online & Offline)

Online Method:...

How to take a loan against PPF?

Taking a loan against your PPF (Public Provident Fund) account involves a straightforward process. Here are the steps to follow:...

How do you Withdraw the PPF Amount?

To withdraw the amount from your Public Provident Fund (PPF) account, you need to follow these steps:...

Tax Benefits of Investing in PPF

1. Tax Deduction under Section 80C: Contributions made to a PPF account are eligible for a tax deduction under Section 80C of the Income Tax Act, 1961. Investors can claim a deduction of up to ₹1.5 lakh in a financial year for the amount invested in their PPF account. This deduction is available for both individual taxpayers and Hindu Undivided Families (HUFs)....

Process to Close a PPF Account

Closing a Public Provident Fund (PPF) account involves a few steps:...

Process to Transfer a PPF Account

The process to transfer a PPF (Public Provident Fund) account involves the following steps:...

List of Banks Offering PPF Account

In India, several banks offer the facility to open a Public Provident Fund (PPF) account. Here is a list of some major banks where you can open a PPF account:...

Difference between PPF and EPF

Basis Public Provident Fund (PPF) Employee Provident Fund (EPF) Meaning It is a long-term savings scheme offered by the Government of India with the primary objective of encouraging individuals to save for their retirement. It is a mandatory savings scheme for salaried employees in India, under which both the employee and the employer make contributions towards the provident fund account. Type It is a voluntary savings scheme available to all individuals. It is a mandatory savings scheme for salaried employees. Eligibility PPF is open to all resident individuals, including salaried employees. EPF is applicable to salaried employees only. Purpose Its purpose is to maintain long-term savings for retirement and enjoy tax benefits. It aims at retirement savings, provident fund for employees, and social security. Contribution The account holder makes the contribution. The employer and the employee makes the contribution. Contribution Limit Minimum Limit: ₹500 per yearMaximum Limit: ₹1.5 lakh per year 1,800 or 12% on the basic pay and dearness allowance, whichever is lower. Interest Rate The current interest rate set by the Government of India is 7.1% (FY 2024-2025) The current interest rate set by EPFO for the year 2023-2024 is 8.25% Tenure PPF has a minimum tenure of 15 years, which can be extended in blocks of 5 years according to the individual’s wish. The account remains active as long as the individual is employed. Portability It is not portable as account cannot be transferred between individuals. It is portable as account can be transferred between employers or regions....

Public Provident Fund – FAQs

Who is eligible to open a PPF account?...