Transfer PPF account from Post Office to SBI Bank

How do you transfer PPF account from Post Office to SBI Bank? This has been a big question mark for all the PPF account holders who opened their PPF account in Post Office and now want to transfer PPF account to SBI Bank or other banks so that they can take benefits of online money transfer to their PPF accounts. Also it becomes easy for them to do other kind of activities if PPF account is in some bank.

Transfer PPF account from Post Office to SBI Bank

So, in this article we will see the steps required to transfer PPF account from Post office to any Bank. In this example we will use SBI as the example. But you can use the same procedure for any SBI Bank or its subsidiaries or even ICICI Bank which has recently started providing PPF accounts.

Steps required to Transfer PPF account from Post Office to SBI Bank

Step 1 First step is to make sure your PPF Passbook is updated with all the interest credited till date. You need to go to Post Office and get it updated.
Step 2 Fill up following documents

  • PPF Transfer Form SB-10(b) . Download Form to transfer PPF Account here
  • An application on plain paper requesting PPF Account transfer from Post Office to SBI Bank
  • Incase you already have a SBI Account, then SBI passbook (Will fasten the process)
  • PAN/Address Proof (Can be confirmed at Post Office)
Step 3 Submit the form to Post Office Head PostMaster, He will verify your signature with the records at Post Office and verification will be completed.
Step 4 The balance in your PPF account in Post Office will be taken out and your PPF account will be closed by Head Post Master and he will note the remark of Transfer of PPF Account to SBI Bank on all the relevant documents.
Step 5 The balance amount in your PPF account will then be remitted back to State Bank of India through Cheque or Demand Draft along with other relevant documents.
Step 6 Your PPF account will then be opened (transferred) at SBI Branch and you will be notified on this. It would be better to not wait for it and you yourself keep track of the progress.

Go to SBI bank after all these steps are done and collect your new PPF Passbook. Note that all the previous entries of your Interest payments etc will not be present in the new PPF Passbook. It will only have the new and current entries now. So in-case you needed the previous information for claiming tax deductions, better take the printout of the previous PPF Passbook and keep photocopies of all the documents you filled and submitted for PPF Account Transfer. Read  – How to open a PPF account at SBI Bank

What about interest part when you Transfer PPF account from Post Office?

Do you know How PPF interest is calculated ? Its only monthly basis , but credited yearly. Now as per PPF Rules, the bank or the post office transferring the account will add interest up-to the preceding 31st March in the account before the it is transferred. The interest from 1st April onwards will be added by the transferee office after the close of the year. As per rule 8 of the scheme the interest in the account has to be added at the end of the year and not in the middle of the year in any case. So make sure to ask and confirm from Post Office Postmaster if he will do this step or not. And once the PPF Account is transferred, at the end of the year, make sure you get the total interest in your account. Just verify it at the end of the year.

What Problems you are can face while Transfer of PPF Account?

Problem 1 : The biggest problem you will face is the ignorance SBI & Post office employees have about this whole process. I think Post Office Employee has more information (and less ego) than SBI Employees. They might reject the whole idea and say “Its not possible to transfer”.

In that case, take the print out of Rule 153 of this document which is at Post Office website and clearly defines the rules to Transfer PPF Account from Post Office to SBI Bank. Another thing you can do is very humanly and in a soft voice, tell them you will file an RTI to know the process of PPF Transfer from Post Office to SBI Bank and would come back with that RTI query (Post Office and SBI comes under RTI incase you didn’t know). I am sure this will be enough to speed up the whole process.

Problem 2 : Another problem you may face is documentations, I am not very sure if PAN card/Address proof is required or not and what other documents, but in that case again take help of your Post Office Head Post Master, he will surely help you. If you are stuck at any points, use sentences like “I will file an RTI and … ” . That might help you :)

Share your experiences, and problems you faced when you wanted to Transfer PPF account from Post Office to SBI Bank or vice versa, were you waiting for this from many years?

By Manish Chauhan on July 9, 2012 · Posted in PPF (Public Provident Fund)

182 Comments | Post Comment

Jatin Kacha says:

Hi,

What about doing same process with other banks.?
I mean transferring with HDFC.

Is is possible to do that same with HDFC than SBI?
Any alternative?

Thanks

Posted on July 9th, 2012

pratik says:

Can we transfer from ppf a/c sbi TO another bank like Bob /ICICI

Regards

Pratik

Posted on July 9th, 2012

Mukul says:

Very important information .. Thanks for sharing it.

Regards,
Mukul

Posted on July 9th, 2012

Prabe says:

I have been to post office 3 times without any move,they had no idea of PPF transfer.let me go again with this form filled up.Hope its same process for Post office to ICICI

Posted on July 9th, 2012

Raghavendra Reddy says:

Dear Manish ji,
Please tell that what is d procedure for PPF transfer from SBI to ICICI.
Thankas and Regards
R R Reddy.

Posted on July 9th, 2012

amar says:

yes u can trf to any nationalised bank

Posted on July 9th, 2012

Natarajan S says:

NOT all banks have been authorised by the Govt of India to handle PPF accounts. Only select banks, like the SBI & its group banks (like State bank of Mysore, Travancore, Hyderabad etc.,) and the pnb have been authorised besides the Post Offices. Hence you can’t have a PPF account in HDFC or ICICI bank.

Posted on July 9th, 2012

Natarajan S says:

No sir. ICICI is not authorised by Govt of India to have PPF accounts.

Posted on July 9th, 2012

Manish Chauhan says:

Yes it is now !

Posted on July 9th, 2012

Gayathri Iyer says:

I have done the above process.. and trust me.. it works……
I recently moved my PPF account from post office to SBI.. It took a total of 1 and half months for the entire procedure.. however it is not at all cumbersome… I had to go once to Post office to submit my past office passbook.. and about one month later.. got a call from SBI to fill up the new account opening form.. and in the few days got my passbook..
And now.. no more waiting in queue for deposit… simple online transfer… :)

Posted on July 9th, 2012

Dhaval says:

Hi Manish,

Indeed nice information !!! Thank you

Is it possible to transfer between states ? I mean i have PPF account in post office of Gujarat and Wanted to transfer it to the Bangalore SBI(Any branch) ?

Regards,
Dhaval

Posted on July 9th, 2012

Gaurav Sharma says:

Thanks a ton Guys, I have my PPF Account in Punjab National Bank in head office and every year i go through this nightmare of standing in different ques, and most frustrating is when the person at cash teller tell me he/she does not know how to make PPF enteries into the system as they are not regular. Hence I walk out of the branch praying that no one goof’s up with my yearly PPF Contribution.

Posted on July 9th, 2012

Rupali Choudhary says:

very useful article..thank you

Posted on July 9th, 2012

Jayant says:

Can the same process be used to transfer PPF account from Bank of India to ICICI ? Bank of India does not allow online transfer from savings to PPF account and it is big pain to stand in queue to deposit a cheque.

Posted on July 9th, 2012

DEEPAK says:

can v do neft to our ppf account from other banks to SBI

Posted on July 9th, 2012

Atul says:

Great information… was looking out for this information since long time.
Very eager to know experiences of other people who actually implemented it…

Especially the case of interest credit at the end of year.. i really doubt SBI would credit interest of whole financial year (including the period in which account was with Post Office).

Posted on July 9th, 2012

Atul says:

Binod Shankar in his blog describes his experience of successful transfer from Post Office to SBI after few hiccups.

http://binodshankar.blogspot.in/2012/01/transfer-of-ppf-account-from-post.html

Posted on July 9th, 2012

Anurodh says:

ICICI Bank is permitted to open PPF. Only pvt sector bank has this permission, as per my knowledge. The permission has been given in May 2012.

Posted on July 9th, 2012

Kapil Mohan Gupta says:

ICICI Bank is authorized to open PPF accounts

Posted on July 9th, 2012

Pradeep.P.Kavi says:

I got my PPF A/c transferred from SBP, Patiala to SBP, Bangalore Branch. It took me a good two months for the transfer to be materialised. An important point I want to inform is that I lost interest for the two months during which the A/c was in transit.
Just wanted to inform that if you have very big amount, it is better not to transfer or else, you will lose interest for the number of days the A/c is in transit from One Brancg to another branch.

Posted on July 9th, 2012

Ganesh says:

I disagree Mr. Natarajan. ICICI BANK is the only MNC bank to offer this service other than our desi, SBI and post offices. Check http://www.icicibank.com/online-services/public-provident-fund/designated-branches.html & http://www.icicibank.com/online-services/public-provident-fund/terms-and-conditions.html
The services at ICICI are a thousand times better than SBI, Perambur Chennai (to name specifically) and moreover you can do all the transactions online.

Posted on July 9th, 2012

Pritam Naik says:

yes u can , i always do neft from icici bank to sbi ppf account and it works printed my passbook to confirm it

Posted on July 9th, 2012

Manish Chauhan says:

It is not true that the interest part will be lost in between, how did you get this information , You can read the article again and see the rules for interest part when PPF account is in transit !

Posted on July 9th, 2012

Manish Chauhan says:

Atul

I am aware about this ! . Thanks for pointing it out !

Posted on July 9th, 2012

Manish Chauhan says:

Atul

Obviously they will , why will they not ?

Posted on July 9th, 2012

Manish Chauhan says:

Yes Deepak , here is an article on that – http://www.jagoinvestor.com/2011/12/ppf-account-online-investing-netbanking.html

Posted on July 9th, 2012

Manish Chauhan says:

Yes very much , Just that the form will be different . You can refer to this PDF document for the rules : http://www.indiapost.gov.in/Pdf/Manuals/POSB_Manual_Vol-I.pdf

Posted on July 9th, 2012

Manish Chauhan says:

Thanks Rupali

Posted on July 9th, 2012

Manish Chauhan says:

Gaurav

Did you try adding the PPF account as third party in your online bank account and do a NEFT transfer ? It works most of the times – refer this : http://www.jagoinvestor.com/2011/12/ppf-account-online-investing-netbanking.html

Posted on July 9th, 2012

Manish Chauhan says:

Yes , it is !

Posted on July 9th, 2012

Manish Chauhan says:

Thanks for confirming the procedure !

Posted on July 9th, 2012

Manish Chauhan says:

Raghvendra

Its very much same .. just go to ICICI bank and they will help you on this !

Posted on July 9th, 2012

Manish Chauhan says:

Yes, the process is same for post office to any BANK

Posted on July 9th, 2012

Manish Chauhan says:

Welcome Mukul

Posted on July 9th, 2012

Manish Chauhan says:

Yes Pratik

thats possible !

Posted on July 9th, 2012

Manish Chauhan says:

It would be same procedure !

Posted on July 9th, 2012

Pradeep says:

Dear Sir,
I once again cross checked with enteries in my passbook and with calculator provided by jagoiinvestor, I have lost one month interest as it was in transit for about 30 days.
What they do is close my A/c with interest on the date and send it to new branch. The new branch will take this amount as principal on the day they receive the cheque and obviously the interest I should have got during the transit time is simply not accounted and lost. This happened for transfer between same bank i.e SBP. I wonder for Post office to SBI how much delay it takes. Hope, in the coming days, investors will share their experience.
Many thanks and regards
Pradeep

Posted on July 9th, 2012

Sushil says:

I moved my PPF account from PNB branch of one city to PNB of another city…Since the whole process was online…it took a week to do all this….in new branch PPF account number is changed…Regarding intrestes of transition period…i dont know….But it is true that MAJORITY OF bank employees and Post Office Employees do not know fine prints of PPF….they just know only basics…..

Now my query here is…Can i open a PPF account in the name of my son who is minor and contribute to that also….when he becomes major…can he himself open a separate PPF account on his own name or he has to use only the same account which i opened on his name?

Posted on July 9th, 2012

Manan says:

Hello

My question is that I want to transfer my ppf account from IDBI bank to SBI or any other bank where online Fund transfer facility is available.So please help with the procedure on the same and how much time will it take to get it transferred.

Thanks In Anticipation

Posted on July 9th, 2012

Ram says:

It happened to me too. I did transfer from post office to SBI. They prepared the cheque the day I submitted the request and sent it to SBI. Almost 2 months ans some visits later, I got the new passbook from SBI.

The initial amount in SBI passbook is, the amount of cheque they received from postoffice. Not sure that’s how it should be or not, but thats what happening.

Thanks,
Ram

Posted on July 9th, 2012

Atul Mittal says:

Yeah though i have not yet tried.. i was expecting this loss of interest phenomena to happen here…

Posted on July 9th, 2012

Asif says:

Just wanted to add that be ready for multiple followup’s and delay of several months may be seen in the whole process. I had to visit 5 times SBI new delhi branch to get my SB A/c transferred from another SBI branch in bangalore. Every time the Branch Manager said the other branch is not responding & we can’t do anything except to wait. Finally it took total 5 months to get my SB a/c transfered.
Only good part was the Branch manager was available and approachable in all my visit.
In case of PPF since PO is involved much more delay is expected as they are more sarkari and not aware of the rules & process.

Posted on July 10th, 2012

Ram says:

Manish - Is there a way to view the account statement prepared by post office before they transferred the account now?

This will clear our doubts whether they calculated till March of that year or till the date they received the transfer request.

Thanks,
Ram

Posted on July 10th, 2012

Rajesh Kumar Singhal says:

Dear Sir,
Could you please elaborate the procedure for transferring the PPF account from SBI to ICICI.

Posted on July 10th, 2012

Sid says:

I got my account transferred and it was quite easy…You need the PAN card and the address details…

Posted on July 10th, 2012

ATS Preeth says:

Transferring from Post Office & SBI is easy. Do read :

http://www.icicibank.com/Personal-Banking/investments/ppf/faqs.html

Posted on July 10th, 2012

Anand says:

I too lost one month interest when I did the transfer from one SBI to another SBI branch.

Hence I advice people to do the transfer only in April. If you do later say in December, then you run the risk of losing interest from Apr to Dec.

Not sure what’s the best way to transfer without losing the interest.

Posted on July 10th, 2012

Anand says:

You can open a PPF account in your son’s name. When he becomes major, the account becomes his own and he can continue with same. He cannot open another PPF account.

Posted on July 10th, 2012

Manish Chauhan says:

It should not have happened ideally . No one is entitled to loose the interest as per PPF rules , enquire using RTI on this, if you feel its worth the effort !

Posted on July 10th, 2012

Manish Chauhan says:

Its not that straight forward , this article explains in detial what they have mentioned in a line :)

Posted on July 10th, 2012

Manish Chauhan says:

Thanks for confirming that !

Posted on July 10th, 2012

Manish Chauhan says:

Its almost same, just the forms would be different !

Posted on July 10th, 2012

Manish Chauhan says:

The only full proof way is to enquire about it through RTI application ! .. or if the head post master is a good friend !

Posted on July 10th, 2012

Manish Chauhan says:

In this case I would suggest that first file a RTI application and get all these deadlines and days it takes , and then take it with you when you go for the first time and show it to them in “baton baton me” :) .. This should help !

Posted on July 10th, 2012

Manish Chauhan says:

Yes, this is ok , note that the interest is added back to your PPF account only at the end of the year !

Posted on July 10th, 2012

Manish Chauhan says:

Manan

You should enquire at your source bank for the transfer , there will be a form to be filled and the proofs to be given !

Posted on July 10th, 2012

Manish Chauhan says:

Sushil

When you open a PPF account in your son name, you are the guardian , his PPF account will be his own after he is major .. Interest of PPF is added back to the main account only at the end of the year !

Posted on July 10th, 2012

Manish Chauhan says:

One point to note is that your PPF interest is added back to your main account only at the end of the year ! ..

Also you should now file a RTI to find out what exactly happened to your interest for a month!

Posted on July 10th, 2012

raj says:

Don’t agree that transferring PPF account is easy between Banks. Further, getting Interest is IMPOSSIBLE.

My experience is as under:-
1. Gave request in April 2009 to SBI bank br. in East Delhi for Transferring PPF account to a South Delhi SBI branch, through agent.
2. Even made seven visits for the transfer!!. Finally, got PPF account transferred, in Oct 2011.
3. THEN came the biggest issue as Interest was not paid interest for Year 2009 and 2010, as it was due in March 2010 & March 2011.
4. Reason cited was account was closed by East Delhi Br. of SBI in April 2009 and New bank OPENED?transferred in Oct 2011.
5. After repeated visits got almost 80% of Interest due for year 2010 & 85% of Interest for year 2011.
6. No satisfactory response given, I was fed up by repeated visits. As agents are not paid any commission, he was never helpful, rather I had to pay Out of My Pocket to get the shoddy services.
7. So received the interest in April 2012 based on some arbitrary calculations.
8. Now my query is Why I was penalized for delay on the part of agent/Bank.
9. The interest difference (LOSS) is about Rs. 9250/-
10. The loss on Cumulative interest will be for the year 2010 & 2011, as interest is credited in Sept. 2011.
11. The Delay in credit of due interest in 2010 & 2011 gives me an annual loss of about Rs. 2700/- (coz. had the interest credited as per the schedule i.e in April each year, i would not have lost Interest on the Interest for the year.
12. This loss will be always there!!!

But one thing is sure, We you are willing to fight, One can DEFINITELY recover this amount, with interest and without any Loss. I was not able to pursue, since I moved out of Delhi.

Posted on July 10th, 2012

raj says:

Re-read above line as “But one thing is sure, If you are willing to fight, One can DEFINITELY recover this amount, with interest and without any Loss. I was not able to pursue, since I moved out of Delhi.”

Posted on July 10th, 2012

om says:

What is wrong keeping PPF account in post-office?

Posted on July 10th, 2012

Anand says:

Then you cannot do online transfer to PPF account. You lose the convenience.

Posted on July 11th, 2012

Nitin says:

Nice article Manish. I plan to transfer my PPF account from Post Office to ICICI Bank. Just wanted to check one thing, though I do have a savings account with ICICI Bank, do I need to open PPF Account first with ICICI Bank and then approach Post Office to transfer the fund or vice versa? Confusion is that as per rules, one cannot have two PPF accounts but in the absence of account with ICICI Bank, where would Post Office transfer the money to.

Posted on July 11th, 2012

raj says:

My experience is as under:-
1. Gave request in April 2009 to SBI bank br. in East Delhi for Transferring PPF account to a South Delhi SBI branch, through agent.
2. Even made seven visits for the transfer!!. Finally, got PPF account transferred, in Oct 2011.
3. THEN came the biggest issue as Interest was not paid interest for Year 2009 and 2010, as it was due in March 2010 & March 2011.
4. Reason cited was account was closed by East Delhi Br. of SBI in April 2009 and New bank OPENED?transferred in Oct 2011.
5. After repeated visits got almost 80% of Interest due for year 2010 & 85% of Interest for year 2011.
6. No satisfactory response given, I was fed up by repeated visits. As agents are not paid any commission, he was never helpful, rather I had to pay Out of My Pocket to get the shoddy services.
7. So received the interest in April 2012 based on some arbitrary calculations.
8. Now my query is Why I was penalized for delay on the part of agent/Bank.
9. The interest difference (LOSS) is about Rs. 9250/-
10. The loss on Cumulative interest will be for the year 2010 & 2011, as interest is credited in Sept. 2011.
11. The Delay in credit of due interest in 2010 & 2011 gives me an annual loss of about Rs. 2700/- (coz. had the interest credited as per the schedule i.e in April each year, i would not have lost Interest on the Interest for the year.
12. This loss will be always there!!!

But one thing is sure, If you are willing to fight, One can DEFINITELY recover this amount, with interest and without any Loss. I was not able to pursue, since I moved out of Delhi.

Posted on July 11th, 2012

Manish Chauhan says:

Raj

U should be filing a RTI application to ask your questions !

Posted on July 12th, 2012

Manish Chauhan says:

Nitin

You just have to ask post office that you want to transfer it to ICICI Bank , they will take the rest of the things . Give them where you already have account in ICICI , Post office will contact ICICI and they will transfer your PPF there . Just follow what is mentioned in the article.

Posted on July 12th, 2012

Manu says:

Hi

I have my PPF account in SBI & now I want to open a PPF account in Postoffice/SBI in the name of my son 10 months old. Can I do that. Can I deposit 1Lakh to each account. I want to take tax benefit for my PPF account only.

Posted on July 12th, 2012

Sunil says:

ICICI is authorised to have PPF accounts. My PPF account is in ICICI Bank.

Posted on July 12th, 2012

raj says:

Dear Manish,

1. You specifically asked to share one’s experience regarding PPF accounts and I did the same.
2. Kindly re-read not even a single question was asked.
3. It was my experience, that I shared

Regards,

Posted on July 12th, 2012

Manish Chauhan says:

Manu

You can open the PPF account on your son’s name, but you will not be able to deposit 1 lac into it , the total of yours and your son has to be 1 lac

Posted on July 13th, 2012

ronak shodhan says:

Very nice article indeed….

My question is, if there is a long wait of say 1 to 2 months for the transfer of funds from post office to sbi… what about loss of interest on the PPF amount??? for that duration??? is there loss of interest if the post office or the sbi delay the process??

please clarify, if possible… thanks again!

Posted on July 14th, 2012

Manish Chauhan says:

Yes it takes around 1 month, but there is no loss of interest !

Posted on July 14th, 2012

shobha says:

Hi,

I have my PPF account with ICICI since 2006. Recently in last month, it was made online by ICICI and now we can transfer money online and generate statement too.

Thanks
Shobha

Posted on July 18th, 2012

S.Prakash says:

Dear Manish,

Whether State Bank of Mysore also offers PPF facility.

regards,

Posted on July 27th, 2012

Manish Chauhan says:

Yes it offers PPF

Posted on July 28th, 2012

Amit says:

Hi,
If you have waited for so long & still thinking about avoiding all these long steps at PSus, you may wait for few more months as well, as India Post is all set to implement core banking solutions like all other banks through Infosys. You will also find an India Post ATM machine soon in your locality.

Please go through the post: http://tinyurl.com/8zftd6g

Hope it helped :)

Regards!
Amit

Posted on August 10th, 2012

Aviraj Singh says:

Excellent information. It was always a pain to operate the PPF account from post office. Will try to transfer it to ICICI asap. Thanks

Posted on August 10th, 2012

Manish Chauhan says:

Aviraj

If you can transfer it to ICICI Bank , then automatically you will be able to invest in it by your bank account !

Posted on August 10th, 2012

Manish Chauhan says:

Good information Amit :)

Posted on August 10th, 2012

Abhinav Gulechha says:

Thanks Manish. This is really useful information!

Posted on August 13th, 2012

Sonal says:

Hello Manish,

If the PPF account is tranferred from Post Office to ICICI bank, what happens to maturity period, is the counter reset, or the previous years spent in Post Office counts. I am asking this question, as i already have PPF account with post office for 7 years.

Posted on August 19th, 2012

Manish Chauhan says:

Counter will NOT be set , It will count the previous years .. else what is the point of transferring !

Posted on August 19th, 2012

Manan says:

I want to transfer my PPF account in SBI .. is there any need to have savings account with SBI. ?

Posted on August 27th, 2012

Bishwanath Sanfui says:

Can you pls. write a thread on NPS?
Thanks & regards,
Bishwanath Sanfui
Delhi

Posted on August 28th, 2012

Manish Chauhan says:

Here is the link http://www.jagoinvestor.com/2009/05/nps-new-pension-scheme-detailed.html

Posted on August 28th, 2012

Manish Chauhan says:

No , but its good to have , it becomes more easy to transfer in that case!

Posted on August 29th, 2012

Manan says:

I already have a saving account but I am joint holder .The account is with another branch and I want to open PPF account in other branch.So will it matter if I maintain both the account in different branches.

Posted on August 29th, 2012

Manish Chauhan says:

No it should not matter, you can open PPF account and then link it with your PPF , but i guess you need to be the primary holder for that, not very sure on this !

Posted on August 31st, 2012

Sachin says:

Thanks for the article :) I want to know, I have an SBI savings account. If I transfer my PPF account & also the PPF accounts of all my family members to my SBI branch, will it be possible to see them all linked to my online SBI account? Or just my PPF account will be linked and others will have to be added as beneficiaries?

Posted on September 24th, 2012

Sachin says:

I also want to know, when PPF accounts are transferred to SBI, are the PPF passbooks updated from the SBI branch in future, just like savings SBI passbook?

Posted on September 24th, 2012

Manish Chauhan says:

Yes , you can update it from SBI branch

Posted on September 26th, 2012

Manish Chauhan says:

You can only transfer a PPF account to a particular person , it will be viewable from the saving bank account .

Posted on September 26th, 2012

Sachin says:

Is it better to initiate the process via post office or via the sbi branch where the account is to be transferred? I had sent the documents to my agent to submit at the post office. He advised to rather submit them at the sbi branch and let them forward my application to the post office. He said this way the liability is the bank’s and chances of loosing interest in between would be eliminated.

Posted on October 3rd, 2012

Sachin says:

thanks :)

Posted on October 3rd, 2012

Manish Chauhan says:

Ideally it should be given to PO headmaster , but even if you give it to SBI , its fine .. and there is no possibility of loosing the interest

Posted on October 4th, 2012

Sachin says:

Thanks mate! I went to sbi branch today but they are, as expected, presenting hurdles :( They have told me that for each PPF account I want to transfer to their branch, I must have a corresponding savings account with them.

Posted on October 5th, 2012

Manish Chauhan says:

Better you file a RTI and ask this info in written , and then show to the bank that there is no rule like this !

Posted on October 9th, 2012

Manan says:

Thanks Manish :) for wonderful piece of information …. I got my account transferred from IDBI to SBI in just 2 weeks time !!!!! The process is very simple …..

Posted on October 21st, 2012

Manish Chauhan says:

Thanks for sharing that Manan , you did exactly whats said in the article ? Or some other steps were there !

Posted on October 22nd, 2012

Manan says:

Yeah the process is the same as in the article . I approached IDBI bank .I gave application with pass book and details where I want to transfer the account.They completed the formalities at their end and the account got transferred within hardly 10 days and now in SBI I am able to view the PPF account online and fund transfer would be more easy .

Posted on October 23rd, 2012

Manish Chauhan says:

Nice, so you transferred from Bank to Bank . good to hear that !

Posted on October 24th, 2012

SR says:

Thank you Manish.

May I know what do I need to submit as Tax Proof, if I have opened PPF account in Post Office?

Posted on October 29th, 2012

Shushant Goel says:

I really found your article on transfer of PPF A/c from PO to SBI Bank.I have a doubt,regarding steps to be taken in case of misatch of signatures in PO’s records,as my PPF A/c is very old and with times signature changes,so I dont remember the actual signatures done at the time of opening a PPF A/c in PO,12-13 years back.
Please suggest.

Posted on November 1st, 2012

Manish Chauhan says:

Shushant

I am not sure what to be done in this case. Just do the signature which you do , and if there is any discrepency , you will come to know .

Posted on November 2nd, 2012

Santosh Prasad says:

I also had to face this dilemma while transferring my PPF A/c from one SBI branch to another SBI branch. I used to sign differently few years back than I do today. As I had opened the account 8 years back, so I was not sure which signature I had used then. So, I wrote both the signatures on the application to make sure that atleast one of them will match with old records. And I didn’t face any issue during transfer process. It was transferred within 2 weeks and I got the new passbook.

Posted on November 2nd, 2012

Parag says:

I require clarification on the process you mentioned originally for trf process.
Process you mentioned and i understood is:
1. Give application to Post Master in application form you mentioned in link.
2. Application on plain paper is required to be submitted.
3. Other documents as required by post office will also be submitted.
4.SBI Passbook if you have account is also required to be submitted
5. Then you will get a call from SBI That your money is transferd to them.

My doubt is on point no 4. How can we have SBI PPF Passbook at that point of time.Govt allows only one PPF Account..so i cannot have it when i am have PPF Post office account at that time…..Pls clarify

Posted on November 5th, 2012

navin kumar says:

1. which bank is best to open new PPF account. Kindly suggest pros and cons for same. I want new PPF account for my wife , having ICICI salary account in gurgaon, but no PPF account

2. Is there any other pvt. bank, where PPF account may be opened

2.i have already PPF account in SBI chandigarh for last 8 years. Should i transfer to pvt. bank for better services link online transaction etc. I have never used sbi onlilne transaction. kindly suggest

Posted on November 6th, 2012

Manish Chauhan says:

If you already have it in SBI , then you can just do things online, no need to transfer it to any pvt bank !

Posted on November 6th, 2012

navin kumar says:

thanks

and about opening new PPF account for my wife, which bank is preferred?from other blogs, i assume that online PPF deposit or PPF statement may NOT be generated, so for tax saving we may have to visit PPF account holding branch of bank.Kindly share your valuable nputs

Posted on November 6th, 2012

Manish Chauhan says:

If she has the account in ICICI bank , then she can open it there . Else SBI !

Posted on November 6th, 2012

navin kumar says:

she has account in ICICI and seems good option to me. But, I got to know that for account statement( to be deposited to her employer for tax saving) she must have to visit icici bank. Kindly confirm

Posted on November 6th, 2012

Manish Chauhan says:

Yes. might be .

Posted on November 6th, 2012

Manish Chauhan says:

I was talking about SBI bank saving bank passbook !

Posted on November 6th, 2012

Manish Chauhan says:

Thats great to know . It was a good trick to do both the signs !

Posted on November 6th, 2012

Manjunatha Mane says:

Hi,

I have just downloaded the SB 10(b) application form, it states that transfer of POST OFFICE PPF account from one post office branch to other.

Can somebody confirm, we can transfer the post office PPF account to SBI. I already have a savings account in SBI.

Thanks,

Manju

Posted on November 15th, 2012

Manish Chauhan says:

Obviosuly you can .. this article is for that only !

Posted on November 15th, 2012

Anil Shinde says:

Good Article.
I submitted the Trnaferring PPF account from Post to SBI.
Post Office Employee was unaware of the procedure. I told them to contact their Senior Person.
One month has been passed and Still i have not received any Cheque ,documents.
I want to file a RTI
please let me know the procedure to File RTI with Post Office.

Waiting for Reply

Posted on November 26th, 2012

Ria says:

I have a PPF account with SBI. How can i operate my account online?
Do I need to have a savings account with SBI to do it?

Posted on November 28th, 2012

Manish Chauhan says:

Yes, you would need a Saving account with them for that

Posted on November 30th, 2012

Manish Chauhan says:

Anil

You can see this article to understand the format of RTI http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html

The same thing will apply for Post Office also

Posted on November 30th, 2012

prakash says:

Hi Manish,

Thank you for the good article. I have PPF A/C in post office. Since my job involves frequent transfers, transferrring the A/C from one place to other place is a big headache for me. Now I will transfer my PPF A/C from post office to SBI.

regards
prakash

Posted on December 10th, 2012

Manish Chauhan says:

Great .. yes once you do that and once you also start putting money online, you will be able to operate your PPF totally online !

Posted on December 10th, 2012

Neeraj says:

Hi Manish,

Thanks for this informative article. I have transfered my PPF account from Post Office to ICICI. Post office has dispatched draft on 17th November but ICICI took 20 days to open it. It is opened in ICICI from December 11. Is there any impact on the interest earning ? Could I loose interest of December due to ICICI Start date is 11th December ? Please Clarify

Thanks
Neeraj

Posted on December 14th, 2012

Manish Chauhan says:

No you should not loose any interst !

Posted on December 19th, 2012

karamveer says:

Hi Manish,

This article is very much helpful.. Thanks a lot for your initiative..

Regards
Karamveer

Posted on January 21st, 2013

bachitar singh says:

sir, manish i have open ppf acc. in p.o. dec. last year. but in 20 jan 13 i have submit application for tranfer my acc. into sbi.please tell me how much time it will take.and also tell me if i deposit 2000pm in acc. then how much return after 15 yr.thanks

Posted on January 29th, 2013

Manish Chauhan says:

It should take only few weeks .. kindly enquire about it !

Posted on January 30th, 2013

Ashu says:

HI Manish,

Your Article has very valuable information.

Is it possible to transfer my PPF account in post office to ICICI bank where i have a joint saving account?

Another issue is that currently i am not in India and not sure when i can visit so is there any possibility my friend can do this transfer?

Thanks

Posted on February 5th, 2013

Manish Chauhan says:

Yes, its possible , enquire with ICICI on the exact procedure.. not sure if your friend will be able to do it for you, because some where your signature might be required.

Posted on February 6th, 2013

Sathya says:

Hello All,
I want to share my exp of getting a PPF a/c transferred (from Syndicate Bank to SBI.)
It was not easy! it took me about 4 months and many visits to the banks.

Getting the a/c transferred was quick (in about 3 weeks). But the trouble was with the interest part.

Initially Synd Bank had transferred the a/c with the balance as of end of March/12. But SBI claimed that interest should be paid by Synd Bank till the a/c was closed.

Next Synd Bank paid the interest till end of Aug/12 (where as a/c was closed on 8/Sep).

SBI claimed, since the a/c was closed after 5th of the month, Synd Bank should be paying the interest for the Sep month as well. SBI issued a formal letter to Synd bank stating this as per my request.

Finally Synd Bank issued another DD for the interest amount for Sep/12.

For those, who want to get PPF a/…c transferred, first find out with both banks (or post offices), how they will consider for interest part.

And also, those who have manual updating of passbook entries (I mean the a/c is maintained in ledger and updated manually by staff), cross check your interest calculation right from opening of your a/c before getting your a/c transferred. I had a huge difference (more than 10k)!

Hope this helps.
-Sathya.

Posted on February 12th, 2013

Sathya says:

Hello All,
I want to share my exp of getting a PPF a/c transferred (from Syndicate Bank to SBI.)
It was not easy! it took me about 4 months and many visits to the banks.

Getting the a/c transferred was quick (in about 3 weeks). But the trouble was with the interest part.

Initially Synd Bank had transferred the a/c with the balance as of end of March/12. But SBI claimed that interest should be paid by Synd Bank till the a/c was closed.

Next Synd Bank paid the interest till end of Aug/12 (where as a/c was closed on 8/Sep).

SBI claimed, since the a/c was closed after 5th of the month, Synd Bank should be paying the interest for the Sep month as well. SBI issued a formal letter to Synd bank stating this as per my request.

Finally Synd Bank issued another DD for the interest amount for Sep/12.

For those, who want to get PPF a/…c transferred, first find out with both banks (or post offices).
how they will consider for interest part.

And also, those who have manual updating of passbook entries (I mean the a/c is maintained in ledger and updated manually by staff), cross check your interest calculation right from opening of your a/c before getting your a/c transferred. I had a huge difference (more than 10k)!

Hope this helps.
-Sathya.

Posted on February 12th, 2013

Manish Chauhan says:

Thanks for that sharing .. lots to learn from this incident

Posted on February 18th, 2013

Sathya says:

Yes sure! actually even now I’m not happy with the interest amount.
There were few errors in manual calculation of Interest during the past years (year 4,5,7,11 and 12 from the date of opening the a/c).

According to me, the interest should have been recalculated right from 4th year till the a/c was transferred, compounding yearly (I mean adding the interest amount to my contributions at the end of every March).

But what Syndicate bank staff did is they recalculated the interest amount only for those years and simply added them and credited the amount! which according to me is not correct, because the interest amount also earns interest after end of March.

What they say is, they cannot pay interest on interest and they claim that I should have highlighted the error immediately. They have approached some “COE” or something (PPF authority) and bank cannot do anything as this is a Govt scheme.

Yes I agree, I would have brought to their notice earlier, if I really knew how PPF Interest is calculated about 8 years before! and if I had expected that bank would do such errors on simple interest calculation!

I even said that I want to file an RTI on this, but they say I have to file RTI not on bank but on PPF authority.

Could you please guide me on this? whether the RTI should be on Bank or PPF authority? if on PPF authority where to find the PIO?

Regards,
Sathya.

Posted on February 19th, 2013

Manish Chauhan says:

RTI can be on both the parties as both are govt entity . You can point the “deficiency in service” on bank and file an RTI and also complain to Banking Ombudsman that bank did not do its job properly .

Posted on February 21st, 2013

chandra nath bayen says:

I’ve already PPF account in India post office, so what I check my PPF account balance regularly?

Posted on March 5th, 2013

Manish Chauhan says:

You can do that , if you want to be updated

Posted on March 13th, 2013

Sathya says:

Hello Manish,

Yes! I got it resolved! I complained to Banking Ombudsman about the discrepancy in interest amount and they got it cleared. It took about one month but was worth the effort. Thanks for your suggestions and I should say you are doing a very good job educating the public.

Thanks once again,
Sathya.

Posted on April 9th, 2013

Anand says:

Neeraj, my brother also wants to transfer the PPF accnt from post office to ICICI bank.

Could you please share the procedure?

Thanks
Anand

Posted on April 9th, 2013

Manish Chauhan says:

Thanks Sathya

Posted on April 12th, 2013

Gaurav Pandey says:

This was really helpful. I transferred my PPF from SBI to ICICI. Process was almost smooth. No interest loss as well.

Posted on April 21st, 2013

Sreedhar says:

Hi Manish,

Thank you for the informaiton.

I am able to transfer my ppf account from post office to sbi in twenty days.

Few things from my side :

1.Apart from above mentioned documents, Post office guys asked me to bring an authorisation letter from SBI saying ” Bank is allowing me to transfer my ppf account”. When i approached bank, they told authorisation letter is not required at all. I made bank guys and post office guys talk each other over phone. finally, bank people given letter.

2. After that, post office guys delayed few days saying the interest is not yet calculated/ yet to come these details from some where elese. I think post office doesn’t update the accounts with interest immediately after 31st March.

3. Finally post office sent DD (including the intereset of 2012-2013), all the account related documents. Bank guys asked me to fill the new account form, they have opened the account. But the cheque/DD took almost one week to clear. At last the amount is credited to my transfered ppf account. I can see them online now :-)

4. The complete process Started 6th April 2013 and ended 26th April 2013. I am not sure Bank will calculate the interest for the current month, as the amount credited on 25th April 2013. Bank guys told Bank will pay, i cannot check this immediately now. Need to wait another 11 months :-)

Having said,Bank and post office were very helpful. But follow up at each phase is very much required. Otherwise it may extend to months to complete the process.

THANK YOU VERY MUCH MANISH.

Posted on April 26th, 2013

Manish Chauhan says:

Great :) .. good to hear your journey .. You can file a RTI and ask what will happen to interest incase you are bothered about it :)

Posted on April 26th, 2013

Manish Chauhan says:

Thanks for sharing that Gaurav

Posted on April 26th, 2013

Manish says:

Hello Manish,

I am planning to transfer my PPF account from Post Office to SBI.
I had opened PPF a/c with P.O. 5 yrs back, My question is opening / transfering PPF a/c in SBI Will be trated as a new PPF OR old PPF ? Do I need to wait for 10yrs OR 15yrs to get it matured ?

Please revert..

Thanks
Manish P

Posted on April 29th, 2013

Sreedhar says:

Hi Manish,

SBI will treat as continuation of existing account. But they will give new account number to the account. The maturity date will be 10 years (already 5 years completed in post office)

thanks,
Sreedhar

Posted on May 2nd, 2013

Manish says:

Thanks Sreedhar.

Posted on May 2nd, 2013

Manish Chauhan says:

Ok , thanks for that info !

Posted on May 6th, 2013

Manish Chauhan says:

You will just need to wait for another 10 yrs for maturity , just that your PPF number will change. thats all

Posted on May 6th, 2013

Vinay says:

Thank you so much. This is really helpful.

Posted on September 24th, 2013

Manish Chauhan says:

Thanks

Posted on September 24th, 2013

Akash says:

Hello Manish,

I have a savings account in ICICI bank and no account in SBI. I need to open a PPF account. Should I open it in SBI or ICICI? I know they are just collection agents and the interest is actually paid by the government. But any insights on their additional facilities will help. Can you compare both of them?

Posted on December 22nd, 2013

Manish Chauhan says:

ICICI has recently stated it and have inbuilt support like monthly installment directly from your account, better phone and internet support etc. So if you already have ICICI bank , you can just open it with ICICI bank , else go for SBI bank

Posted on December 25th, 2013

Ashish Shukla says:

Hi Manish,

I am Ashish Shukla. I had an PPF account in Pune HO post office.
I have given an application to transfer my account from Pune HO post office to SBI Mundhwa branch.

Post office has transferred Amount up to 31st March 2013. But the interest from 1st April to 11th Jan has not been transferred to SBI bank.

When I first visited Post Office, they straightly said that they will not give this interest, this needs to be given by SBI. After that, I asked them to give this in written, they told me to give a interest claiming letter from SBI.

Today I have provided Interest Claiming letter from SBI to Post Office.

Can you please suggest, what should I do now?

Thanks and Regards,
Ashish Shukla

Posted on January 21st, 2014

Manish Chauhan says:

I suggest you file a RTI to post office and SBI both asking who should be paying the interest !

Posted on January 30th, 2014

Manju Naveen says:

Hi Manish,
I do have a doubt. Hoping you can help me. I have a PPF account with SBI Chennai. I made only the initial deposit to start the account in 2005 and later on didn’t follow it up because I got a job in another state and had to relocate. I want to know the following:
1.Could my deposit have accrued any interest until now?
2.Will my account be inactive because I didn’t pay the yearly 150INR charges to the account?
Thanks in advance

Posted on February 11th, 2014

Manish Chauhan says:

1. I dont think so , you need to first deposit all the past arrers and then it will be re-initiated

2. Yes, and its Rs 500 . Not 150

Posted on February 14th, 2014

JK says:

Though interest is accrured, you will have to pay a fine for each year of non-payment for minimum balance (5oo)

Posted on February 21st, 2014

srinivas says:

why all these hassles,can I close the PPF – PO account (more than 7 years old) and open a new one with ICICI?

Posted on February 27th, 2014

Manish Chauhan says:

No you cant . You cant close a PPF account before 15 yrs !

Posted on March 2nd, 2014

curiousraj says:

Yes you can open a PPF A/C in ICICI very easily. But your problem will start after that when you find that how much basic features are missing in ICICI PPF online access. for example: statement generated online are of no use, no option to set a periodic transfer, no option to transfer money from other banks. Even PPF statement generated from branch does not mention Account type. No passbook is given. Find a complete list of problems here:
http://curiouslogic.in/2014/02/how-sbi-ppf-is-far-better-than-icici-ppf/

I discovered these features when I opened a PPF account in SBI. So just 2 months after opening a PPF account in ICICI I am transferring it to SBI. You may face problem at the time of opening a/c in SBI but once it is done you never ever need to visit SBI for any PPF related issue.

Posted on March 28th, 2014

Ritesh Vyas says:

Hi manish,

I transferred my PPF A/c from Post office to SBI in Dec, 2013.

Post people told me that complete interest for the year will be creditted in my account by SBI for 2013-14 FISCAL year by SBI because they hold my PPF account at April, 2014.

Now, when interest entry came into my account it was only for the period of Dec-2013 to Mar-2014 ie No interest has been paid by SBI for the period of Apr,2013 to Nov-2013.

Can you please clarify me on this please because I know the fact that Post people only transfer the amount in Dec which was my actual account balance till 01st April, 2013. They surely didnt transfer the interest for further 9 months till they were holding my PPF account.

Posted on April 7th, 2014

Manish Chauhan says:

You should be filing a RTI on this asking PO for interest part and same with SBI ! . they will give you reply on this

Posted on April 10th, 2014

dr c n patel says:

no coments thanks

Posted on May 30th, 2014

shital rai says:

hellow manish,
i am shital rai, i am a post office employee i want to transfer my pay account from post office to bank pls suggest me how to trasfer it…??

Posted on July 5th, 2014

Manish Chauhan says:

Pay accounts means PPF ?

Posted on July 5th, 2014

shital rai says:

yup….!!

Posted on July 6th, 2014

manik.gsm says:

Hello Manish,
I ‘ve tried to transfer my PPF account from Post Office (New Delhi) to ICICI (hyderabad). Post office has closed my PPF account and ICICI has created a new PPF account. But they are not able to clear the Cheque sent by Post office, stating the reason – name mismatch. The cheque is issued in name of ‘ICICI Bank Gachibowli Hyderabad’.
ICICI is saying that the cheque should be in my name while the Post Office had told me earlier that the cheque will be in the name of the bank opening the PPF account.
Its been 2 months since this process started.
Please let me know the procedure involved here.
Thanks
Gurmeet Singh

Posted on July 22nd, 2014

ICICIBankCare says:

Dear Mr. Singh,

We regret any inconvenience faced. Please write to care@icicibank.com with your contact details. Our official will assist you. Refer ‘115036_aagk’ in the subject line.

Regards,
ICICI Bank Customer Service Team

Posted on August 4th, 2014

Praween says:

Dear Manish

With a great difficulty and chasing , I could transfer my PPF account from one SBI to other SBI in the same city. In the beginning, my transferred PPF account could not be linked with my saving bank account and due to which I was not able to view my PPF details thro’ net banking.
But now everything is sorted out.
Now the my PPF account only shows the lump sum transferred amount as on 1st Sept’14. It does not show the previous transactions made during the current financial year when the account was in the privious SBI. When the interest will be calculated at the end of this financial year, will the bank calculate the interest from 1st Sept’14? That way I will be losing interest for the period April’14 to Aug’14 (5 months).
Kindly enlighten me. Both the banks are not able give any satisfactory answer due to their ignorance.

Posted on September 20th, 2014

Manish Chauhan says:

I think the only way (and the hard way) is to use RTI . No one will answer you properly like this.

File a RTI to SBI and ask for questions

Manish

Posted on September 21st, 2014

Manish Chauhan says:

Now you better use the RTI on Post office , whatever reply comes will be the truth and even ICICI will have to accept it !

Posted on September 21st, 2014

Arvind Bhansali says:

I have my bank account with Canara Bank and PPF with Post office, when enquired with Canara Bank the procedure for transferring the account from Post office to canara bank they told that there is no system for transfer you can only start a new account with us.
But as i know PPF accounts can be trfd to any nationalised bank.
Kindly guide…

Thanks

Posted on September 24th, 2014

Manish Chauhan says:

Yes, you can transfer PPF from one bank to another or post office !

Posted on October 17th, 2014

N Singh says:

Sir

i have 492054 in PPF account which i transferred from SBI(Haryana Branch) to SBI(UP Branch)

I have below questions

1)in how many days it take bank to transfer this account as my Haryana Branch have replied me via email that account has been transferred on 3/11/2014.

2)will i lose the interest if account is not transferred before 5/11/2014 as u have said interest is calculated only between 5 to 30 of days of the month

3)Saving account always get transferred within one day as CBS branches require only the IFSC Code updation why my PPF is taking so many days as i applied on 30/10/2014

Thanks

Posted on November 4th, 2014

Manish Chauhan says:

Neena

Ideally this should take couple of weeks, but due to the lethargic nature of the govt officials it takes months at times. The best thing is to use the RTI in this case .

Read http://www.jagoinvestor.com/2012/03/rti-for-epf-withdrawal-or-transfer.html

Manish

Posted on November 5th, 2014

N SINGH says:

Thanks sir!!!for ur kind reply

as now i can see at ONLINESBI my account transferred to new branch at UP is showing updated that means my PPF account is transferred….(they did it in 5 days)

meanwhile i have put a RTI on both branches for information which i can use in future if interest is not given to me !!!below r the questions i have asked

1)No of days required to transfer Public Provident Fund account within SBI from one Branch to another branch in this CORE BANKING SOLUTION era.

2)Date on which the account was transferred to *********** Branch(######).If it is not transferred what are the reasons for the delay.

3)The interest from 01/04/2014 to the transferred date (date till it held under my previous branch as provided in above point) has it been added to the total amount of this account before transferring the account. If not who will provide the said interest for this period kindly provide the details.

4)While transferring the PPF account one branch to another within SBI is there any loss of interest even if transferring of account is being delayed due to bank.

5)Interest is credited in PPF on 31 march every year who will provide the interest for 01/04/2014 to transferred date and from transferred date to 31/03/2015.Provide the information

lets see what reply i get !!

Posted on November 8th, 2014

AJ says:

I submitted my PPF for transfer from PO to SBI today and will let you know the updates / issues that I may face.

You shouldnt lose the interest. This is what I got as a response for the RTI that I filed with Department of Posts. Hope this helps. Soon I shall be filing an RTI with State Bank of India to get their version too.

Points from me.
——————
1. How much time is required for transferring a PPF account from PO to State Bank of India
2. If the transfer request is given on Nov 11 2014 who will pay the interest for the FY 2014-2015. Will the entire interest be paid by the Post Office or entirely by SBI or will it be pro-rated between bank and PO.
3. If the interest is pro-rated when will the Post Office credit the interest. Will it be at the time of the transfer or at the end of the FY.
4. If the bank says that Post office has to pay the interest pro-rated after the transfer whom should I reach out to and how many days will it take for the interest to be paid.

Response from DOP
———————-
Point no. 1 It is in question form which does not come under the purview of RTI Act 2005.

Point No. 2 to 4 The bank or the post office transferring the account will add interest upto the preceding 31st March in the account before the account is transferred. The interest from 1st April onwards will be added by at the transferee office after the close of the year. As per rule 8 of the scheme the interest in the account has to be added at the end of the year and not in the middle of the year in any case. If the interest is added in the middle of the year at the time of transfer of the account, it will result in addition of compound interest on the interest already added for that year. Since the interest is to be debited to the MOF(DEA), it will not make any difference to the transferee office to add interest for the whole year after the close of the year.

Posted on November 11th, 2014

AJ says:

Arvind. You should approach the P.O and not the bank for the transfer. Check with the branch if they have PPF account facility there. Follow the instructions given by Manish.

Posted on November 11th, 2014

Manish Chauhan says:

Thanks for sharing this important information !

Posted on November 17th, 2014

Manish Chauhan says:

ok . share with us whatever is the reply from them ..

Posted on November 17th, 2014

AJ says:

UPDATE:
I went to the bank on Nov 20th to check the status. To my surprise they had the transfer request from the PO, the cheque with the balance in PPF account from PO(dated Nov 14, this says I was late and not the bank/PO :)) and the passbook. The lady at the counter opened the new PPF account on the spot and handed over the passbook and internet user id and password. Didnt think it would be this easy especially seeing other members going through all the hassles.
Next update will be for the interest portion and what SBI has to say about that.

Posted on November 23rd, 2014

AJ says:

UPDATE:
Remember Murphy’s law (Read here if you dont http://en.wikipedia.org/wiki/Murphy%27s_law) ? Well I experienced it first hand :).

I was happy that the transfer went without any hassles but Murphy did some “jaadu-tona” :)

The account that was opened at SBI after the transfer was marked as a new account (instead of transferred). Thankfully SBI realized it quickly and informed me about it. They closed the account and today I got my new transferred account with the balance from P.O credited to the new account.

SBI person also mentioned that the Interest will be credited for the year on 31/3/2015. Keeping my fingers crossed and my calculator next to me. :-)

Posted on November 26th, 2014