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).Form can be download from
here.
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.
Tags-transfer of ppf account,how ppf account is transferred,ppf account,pf account,public provident fund account,provident fund account.
