How to transfer PPF account from Post office to SBI bank?
Here are the details and my experience.
Firstly I enquired in Post office if it is possible. Head post master said it is possible but it is very difficult and involves lot of procedure , blah blah...
He asked reason for the same. I told my difficulty of no online transfer, need to visit branch etc. Then he immediately said in 3 months Post office will have online facility this was in the year 2013.
After 6 months I checked with post master , he then said another 6 months.
Today it is end of 2015 and still post office is not online. Now it is almost 2 years.
Guys , do not waste time and just go ahead with PPF transfer. There are so many facilities when online.
I first enquired with SBI branch if they maintain PPF acount. once they confirmed I went
to post office and asked for PF transfer. Once again post master tried to convince. This time I had made my mind not to get trapped. Finally he gave form and filled the same for transfer.
1. Fill form for transfer
2. Fill form for close of PPF
3. They will take your passbook and give acknowledgement
Wait for 1 month
4. They will ask you to come and sign in one Nomination form . You will get a call from them
5. check if DD/CHEQUE has been generated
6. All these forms along with DD cheque will be sent to the SBI branch where you opted for
After 2 weeks
Visit SBI branch and check if they received documents.
Follow the procedure as explained by bank.
Once done , hurray , you can transfer money from SBI bank to your PPF account. You can view PPF balance etc. No need to visit Post office any more. You can trasnfer even when you are abroad, native etc which is hassle free.
Here are the details and my experience.
Firstly I enquired in Post office if it is possible. Head post master said it is possible but it is very difficult and involves lot of procedure , blah blah...
He asked reason for the same. I told my difficulty of no online transfer, need to visit branch etc. Then he immediately said in 3 months Post office will have online facility this was in the year 2013.
After 6 months I checked with post master , he then said another 6 months.
Today it is end of 2015 and still post office is not online. Now it is almost 2 years.
Guys , do not waste time and just go ahead with PPF transfer. There are so many facilities when online.
I first enquired with SBI branch if they maintain PPF acount. once they confirmed I went
to post office and asked for PF transfer. Once again post master tried to convince. This time I had made my mind not to get trapped. Finally he gave form and filled the same for transfer.
1. Fill form for transfer
2. Fill form for close of PPF
3. They will take your passbook and give acknowledgement
Wait for 1 month
4. They will ask you to come and sign in one Nomination form . You will get a call from them
5. check if DD/CHEQUE has been generated
6. All these forms along with DD cheque will be sent to the SBI branch where you opted for
After 2 weeks
Visit SBI branch and check if they received documents.
Follow the procedure as explained by bank.
Once done , hurray , you can transfer money from SBI bank to your PPF account. You can view PPF balance etc. No need to visit Post office any more. You can trasnfer even when you are abroad, native etc which is hassle free.
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