How to transfer Public Provident Fund (PPF) Account
Public provident fund (PPF) account can be transferred to one post office or bank to another post office or another branch of same bank or other authorized banks authorized by the Public provident scheme.
The transfer of the public provident fund account needed in the case of change the location of the investors or any other reason may be. So it makes difficult for the investor to operate the account in the old post office or bank branch. The transfer of account means there is closing the old PPF account and opening the new one.
For transferring the account, the investor needs to write an application to the post office or the bank where the account is maintained along with the PPF account transfer form (SB-10-B).
The form should be filled according to the new post office or branch where the investor wants to maintain his account. In this form all the details regarding the existing account as well as the branch where the account required should be filled.
The existing branch or post office verifies the signature of the account holder and closes the account with issuing a demand draft or pay order along with the account details of the investor, nomination form and signature proof to the post office or branch desired by the investor.
The investor can change the nomination on transferring the account to other branch or post office. The account will be treated as old account and the balance will be shown as brought forward.
A new passbook will be issued to the investor and the balance is transferred to the new account.
Best Regards
Prakash Nair
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