It is usual for an individual to open a PPF account with the nearest post office branch. But in the era of job hopping and residence hunting, it is difficult to stay constant at a particular place. Thus in such cases, the PPF account needs to be transferred from one post office to another for greater convenience in future. Given below are the elaborate details of how the transfer can be made possible.
Primary Documents Required
The operation of transferring PPF from one post office to another involves certain formal documents and ID proofs. They are as follows:
- The SB 10(b) Form
- Address Proof
- Personal ID Proof
- The updated passbook associated with your PPF account
- The address of the new post office.
The details of the documents are discussed below
The SB 10(b) Form
The SB 10(b) is the official documentation required to initiate the transfer of PPF account from one post office to another. SB 10(b) form is available online on the official website of India Post. This can also be physically collected from the post office in which you have your PPF account. The following details should be present mandatorily while filling the form:
- The PPF account number.
- The details of passbook associated with the PPF account.
- Address of the present Post Office.
- Address of the new Post Office.
- Signature of the primary account holder.
- Signature of the postmaster.
The form SB 10(b) has been designed in a letter format. Thus the above details have to be addressed to the current Post Office along with the PPF account number. After addressing is done it also requires three specimen signatures. After the account holder fills the primary details, the remaining information has to be filled after checking account balance. These details are to be verified by the postmaster.
Form And Documents Verification
Verification of the SB 10(b) form will be done by the postmaster by referring to the following documents provided by account holder:
- The original updated passbook associated with the PPF account.
- Address proof
- Personal ID proof.
The verification will be done by checking the balance details in the passbook and matching it with the SB 10(b) form. Then further processing follows.
Submission For Processing The Transfer
Both the verification and submission process has to be done at the current or old Post Office. After the verification process is complete the postmaster confirms the transfer to be done with final signatures. The following processes follow:
- The original updated passbook is returned to the PPF account holder.
- The old account is set to close.
- An application along with a demand draft addressed to the primary person concerned in the new Post Office.
- The demand draft amount is basically the amount of balance in the PPF account.
- The new Post Office will receive the application and the demand draft.
- Then the individual has to report to the new Post Office for verification of credentials.
Opening Of PPF Account In The New Post Office
Post the verification of credentials at the new Post Office, a PPF account will be opened for the account holder. The amount in this account will be the transferred balance from the old Post Office. The account holder will them be issued a new passbook. There is an important point that the PPF subscriber must keep in mind after the transfer is successful. It is the verification of the balance details according to the old passbook. If the balance has been incorrectly transferred due to some errors a complaint must be issued.