Transfer PPF account from Post Office to SBI Bank

POSTED BY manish ON July 9, 2012 COMMENTS (274)

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 Β – 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 πŸ™‚

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?

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274 replies on this article “Transfer PPF account from Post Office to SBI Bank”

  1. Sagar Bidkar says:

    This article was very helpful for me. I recently shifted my PPF from Post Office to SBI for ease of operational convenience. Thank you so much

    1. Thanks for your comment Sagar Bidkar

  2. Rajalakshmi says:

    Sir,

    Shall I maintain 2 PPF account, one in State Bank and another in Post Office?

    1. Ansuman says:

      Rajalakshmi, legally one is allowed to hold only one PPF account. Audits aren’t uncommonbecause PPF is a big commitment for the GoI (Modi government’s transparency drive!)
      I frankly suggest, go with only one account preferably with a Public Sector Bank.
      Also, do read this blog of Manish : It will help you take a very informed decision.
      https://www.jagoinvestor.com/2016/09/withdraw-ppf-from-any-branch.html?utm_source=wysija&utm_medium=email&utm_campaign=newsletters#.V-zI6smAby0

    2. Only 1 PPF is allowed per person

  3. DINESH says:

    My younger son who lives outside India has PPF account in Post office at Vadodara . I am staying in Greater Noida in UP. PPF Account has matured and my son wish to withdraw? My elder son is in Vadodara.

    Can my younger son get the PPF maturity amount without going to Vadodara or it can be transferred thro TRGS/NEFT to my younger son HDFC Bank Account in Greater Noida. My elder son if required can do all the co ordination work with the post office at Vadodara.

    1. As of now I cant answer this with absolute clarity, but I will try to find out and make an article on this.

      Manish

  4. Krishna says:

    Hi
    I thought of doing the transfer for both PPF and Sukanya Samridhi, but on second thoughts, going by the process awareness, service levels and efficiency of our Post office and Bank officials, we are sure to lose money on one of the ends. I will live with these accounts not getting online and await for one fine day when the Post office will make the accounts online – I hope to live for another 30 years and hope to see this happen before that!! πŸ™‚

    1. Thanks for your comment Krishna

  5. bkmurthy says:

    I enquired in my post office branch. The postmaster said it is not possible! He asked me why I wanted to transfer to a bank. I said so that I can have online transaction facility. He said post office is also going to give online transaction facilities ‘shortly’. I asked how much time is ‘shortly’? He said that was anyone’s guess. So I left the matter for the time being πŸ™‚

    1. Thanks for your comment bkmurthy

  6. Gurvinder says:

    Hi sir

    Can u pls advice me that I have a ppf account in post office but now I can transfer this account to my Axis bank branch.. can I can do this & how can we do this??

    1. Contact Axis bank on this , they will guide you with the process and give you the form to fill

  7. Vasudev says:

    Hi Manish Chauhan ,

    This article is very useful for all during their PPF transfer time,
    qq :Can i transfer my PPF account from Post office to my SBI join account?

    1. Yes you can do that

      1. Neeraj says:

        Hello Manish
        My ppf was transffered from sbbj to icici. Interest is not transferred. Whom to chase now?

        1. File a RTI to post office !

        2. AJ says:

          Neeraj – You should chase ICICI for this. Please refer to the older comments where I had issues when I moved from PO to SBI. The rule says whichever institution has the account as of 31 Mar has to pay the interest.

    2. AJ says:

      Yes you can. For internet access they will give a new user id for the second account holder (if you already dont have). The reason given by SBI on this to me was since PPF is an individual account it will not appear if there is just one user if for joint accounts

  8. VenkateshBhagavath says:

    Dear Sir, My account was transferred from Post office to SBI bank on Oct 2015, I now see the interest credited is only for the period of Oct 2015 to Mar 2016, the other 6 months where the PPF account was maintained in Post office , the interest is not seen in my account for that period.
    Can you please guide me what need to be done for this. I asked SBI branch manager, he said Post master has to take care of this interest part.
    Any suggestion would be of great help!!

    1. Hi VenkateshBhagavath

      I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

      Its a bit long cut, but works well

      Manish

      1. Nitesh says:

        Hello Manish,

        I also have the exact case as Mr. Venkatesh Bhagavath. When I went to SBI Branch manager he told me we can’t credit interest, this will credit by post office. When went to Post office and talked with Post master he saying as per PPF rules entire year interest need to credit by where the account it operation on 31-March (so in this case SBI). But SBI manager not going to agree. Today on 8th Apr I got this messages from both the party.

        So only way to know correct process is RTI? but confusion is how to file RTI and toward bank or post office?

        Manish your guidance is most required as not credited interest is around 20000 Rs and which is big amount for me.

        Thanks in advance.
        Nitesh

        1. File the RTI to post office because its managed by them only . But If I were at your place, I would have spend another Rs 10 and filed it with SBI also paralelly πŸ™‚

        2. AJ says:

          Hi Nitesh – I filed an RTI and got a response on this. You will find this in the comments section (Older Comments). In your case the bank has to pay it. Follow up with the bank.

          1. Ansuman says:

            I’m yet another victim of this exact problem. All pains started after the transfer was done to SBI. The Post Office handled the paper works exactly as per the rule book. But the big villain is the pathetic nature of unawareness within SBI.
            I had to escalate to SBI Corporate Headquarters, who put their foot down with a stern message to the concerned branch.
            (Imagine this – the Branch Manager literally arguing as a fool saying why should I pay interest to you for a period that you have not had the account with us. I asked give me in writing that blew his fuse away!)
            It is but more than apparent that a majority of SBI senior staff, operating at Branch Manager levels as well are totally unaware & don’t want to be aware either(until forced from Corporate HQ) of various rules surrounding financial products offered by MoSS(Ministry of Small Savings, GoI)
            P.S: If you wondering about the resolution : well I’m still awaiting credit of the difference in interest which has rolled over the 2nd year now. I’ve been given a reply that the necessary interest will be credited on 31st,March 2017. Keeping my fingers crossed until then.

  9. Prateek says:

    Hi Manish,

    Could you please advise if the same process holds good for SSY (Sukanya Samriddhi Yojana) accounts as well? I have tried asking the Post Office officials to transfer my account to a Bank due to many limitations (most prominent being online transfer), but they refuse saying its not possible.

    Thanks. Love your site! Been a long time reader. πŸ™‚

    1. Hi Prateek

      I am not sure on that, but can you please try it once.. Nothing stops you from trying that. Add your SSY account number as a new account and try to transfer Rs 500 . see if it works. IN worst case, the money will be back in your account

      1. Prateek says:

        Thanks Manish.

        Update: I enquired at ICICI and SBI if I can transfer the account from Post Office to a Bank and the executives at both the banks were unaware. I guess they have not received any intimation from the Government on this. ICICI Bank website, however, states that this is possible.

        1. Definately its possible. May be the person you talked to does not have an idea

          1. Ansuman says:

            Manish, Prateek : I’m not sure about the rules around SSY, but let me share my experience while attempting to transfer my PPF account from Post office to ICICI Bank. The guys @ ICICI sounded unclear(they were more than willing if one wanted to create a new account with them) & so I headed to the Post Office branch where I maintained my account. After being made to wait for quite sometime – I was treated with a big NO by the front staff. Not wanting to accept this, I met the PostMaster. That was when, the gentleman walked me through the rule book as given to them from the Ministry of Small Savings(PPF comes under that I think), which clearly stated transfer to be honored in the case of Public sector bank. He expressed helplessness due to this. Well, but that was back in 2014 : I’m not sure if the rules have been updated or not though. Hope this helps!
            P.S.: Manish, I’m getting a fan of yours – honestly. I sincerely appreciate & salute your attempts towards a transparency drive. thank you again!

            1. Thanks for sharing your experience Ansuman πŸ™‚ . I think things must have changed by now .. Its really a pain to transfer the PPF from one place to another…

  10. SBNAIK says:

    Can I close my post office ppf account and open a new account with my nearest SBI branch with the total amount as my initial deposit in month of say April/May

    1. NO , why dont you just shift it there .

  11. Ashish says:

    Dear Manish,

    I am having PPF account in Post office as well as in SBI. Now, i want to transfer my Post office PPF account to SBI PPF account.
    Kindly inform the procedure.

    1. One person can have just one PPF account as per law, so better dont try to transfer else you will loose all interest on one of the PPF

  12. MLT says:

    Best month to transfer the PPF account from one bank to another 6th of April of year. But there also a chance of loose of interest for one month.

    1. AJ says:

      MLT – You will not lose any interest even if you manage it get it transfered on 30 mar as well. The institution that has the account as on 31 Mar has to pay the complete year interest. Since the interest money comes from Min of Finance account they should not be bothered.

  13. Ali says:

    DO we need to open a savings account with the bank where we need to transfer the PPF ?

  14. tusharsharma.id@gmail.com says:

    i tried in SBI and BOI, both banks rejected whole idea of transferring my PPF from post office to BANK…
    is it possible to close PPF acount at Post office and open new PPF account in BANK… kindly suggest

    1. Rejected means what ? On what grounds have they rejected it ? Use RTI now for this

  15. Vijay says:

    I was able to transfer the PPF account from post office to SBI. You need do the following:
    1) Check with SBI branch if they are ready to accept the transfer (Collect complete postal address and IFSC code of the branch)
    2) Get the PPF passbook updated with latest transaction details at post office
    3) Fill the transfer form from post office to SBI. (Mention complete address of SBI branch along with IFSC code)
    4) Write a request to post master with reason for transfer on a plan paper
    5) Submit original PPF passbook, transfer form, request letter and photo copy of PAN Card to the post office and get the acknowledgement.
    6) Post office will send the details along with cheque to SBI branch
    7) SBI branch will create the PPF account and link it to your SBI online account.

    1. Hey Vijay

      Thanks for sharing your experience with all of us. It was a great learning.

      Manish

  16. Shruti says:

    I had a very bitter experience transferring my PPF. I transferred mine from Post Office to SBI in December. So while transferring the 9 months interest lost. When I asked post office people they said on March 31st SBI will add the interest. In march SBI credited only 3 months interest. When I questioned them, they blamed the Post office people. Very irresponsible. I did some chakkars around their office for many days and finally gave up. I lost almost 1 year interest in this process. Very sad!!

    1. Hi Shruti

      I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

      Its a bit long cut, but works well

      Manish

    2. AJ says:

      Dont leave it at that point. File an RTI with PO and show it to the bank manager. I did that and got my interest… BTW you just did not lose 9 month’s interest… But also lost the compounding on it… If that gives you motivation now πŸ™‚

    3. Venkat says:

      The Ministry of Finance has categorically explained that in case of transfer of PPF from one Deposit to another, the Transferee Office (in your case State bank of India) has to provide interest for such transferred PPF Account for the whole of that year of transfer. The Transferor Deposit (in your case the Post Office) is NOT to provide any interest at all. See Question & Format – Note 2 at Page 28 in the detailed circular Issued vide Government of India, MOF (DEA) Notification No. GSR 1136 dated
      15.6.1968 and further amended from time to time

  17. manu says:

    Sir
    You said above “……………………. 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…………………….” Please may I know where to file the RTI and how to come back with the RTI querry…..Thanks
    Manjari

  18. LUCIABEAUDRY says:

    Does anyone know where I can find a blank “form sb 10 b” to fill out?

  19. Siv says:

    Hi, I’ve opened a PPF account in Post office 7 years ago and I invested some money for 4 years and stopped investing there.. An year ago, I’ve opened an SBI PPF account and started investing money.. Now, I came to know that investing in 2 PPF account is illegal.. Now, can I transfer the Post office PPF to SBI? Will it lead to some confusion (like why 2 PPF accounts?)..

    Thx

    1. You can close one of the PPF . There is no transfer concept !

  20. Rahul says:

    The form that you mentioned for download says below:
    “I request that my Account No…………………………………. standing on
    the books of the …………………………………………….. Post Office Savings Bank
    may be transferred to the books of the ………………………… Post Office Savings
    Bank.”

    If we look closely it doesn’t mention anywhere SBI. Do I need to mention SBI in place of Post office Savings Bank?

    1. You will get a similar form from SBI

  21. Nitin says:

    Hi,

    I wanted to transfer my PPF account from Bank of Maharashtra (BoM), Pune to SBI, Pune branch.
    So I had requested to BoM and they have given me DD with some documents today i.e. 29-July-2015. But they have mentioned outstanding balance till the 31st March 2015 in the DD. Now, SBI told me that interest from the period of 1st April 2015 to 31st July 2015 need to pay by BoM. But BoM is not agree to pay this interest. They told me as per circular, SBI should pay the interest.
    Now, I am in a critical situation what to do. Please help me and advice. Thanks.

    1. Hi Nitin

      I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

      Its a bit long cut, but works well

      Manish

      1. Akshat says:

        Hi, Please highlight in this particular case, do one need to file RTI aginstpost office and sbi both seperatley or together. can you please bit highlights the step.

        Regards
        Akshat Singh

        1. I suggest file the RTI where the PPF is there at the moment

  22. Vijayant says:

    Hi,
    is it possible to transfer a Post office PPF account to ICICI Bank or only nationalized bank ?

    1. You can transfer it to any bank

  23. atanu says:

    Hi Manish,
    I have read this article years ago. And I bookmarked this as other article of yours.
    That time I did not need to transfer PPF a/c from post office. Now I need to transfer this PPF a/c to bank.
    But there are some hesitation to me about two banks.

    I have a/c SBI and Bank of boroda. My mutual funds(SIP) are using SBI. So my plan is for PPF, going to BOB. (just to avoid all investment,not going through same basket. Because to avail some hassle free/ proceed without difficulty from at least one of this bank in future. Also to track my mature amount differently ( MF and PPF) ).

    But I am not sure whether in near/far future BOB’s service for PPF will be best.
    Could you please advise me what to do. I mean which ( SBI or BOB ) bank will be best for me to transfer PPF a/c. Other advice and suggestions will be greatly appreciated.

    Many thanks.

    1. SBI would be better choice !

      1. atanu says:

        Hi Manish,
        Many thanks for your advice.
        Now I am facing some problems regarding transfer.
        1>
        I have recently gone to post office and also in SBI.

        SBI guys says, now current month is July, so post office should update interest upto additional month of this year. If post office will ignore that, then they(SBI) return this to post office further, seeking up-to- date calculation on PPF.

        After that I have said this to post office guys. But he says we will just calculate last financial interest on PPF, we are not responsible for onwards months(additional month in this financial month). He also says, according to rule, it is their(SBI) duty to know the information and calculative amount from PPF- authority for additional month.
        I have also said about RTI , but post office guys says, you can do that but I know well the rule.

        So Manish, what can I do!

        2> One more query please.
        Post office says now there is no availability of ‘PPT’. So recently there is no availability to transfer to bank. (I do not know what is ‘PPT’).
        He also says, if you want to transfer to another post office ,then it is available now. But due to non availability on ‘PPT’, at present it is not possible to transfer to Bank.
        Then he says, you can give your documents along with PPF book, but these will remain here untill ‘PPT’ will be available.
        And till ,you(I) are unable to operate(invest) further on PPF.

        Please advise, what I should do.
        Thanks in advance.

        1. Hi atanu

          I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

          Its a bit long cut, but works well

          Manish

          1. Vinit says:

            Hi Manish,

            Please clarify the point related to interest credit issue while transfer the Post Office PPF account to SBI Bank (Other Bank) .
            As per the rule of PPF interest credit, Interest will be paid on 31st March every year.

            So, those people will start the PPF account transfer process and complete the transfer process after 31 March (after interest credit). They will not face the interest credit issue. After the transfer, they can credit the amount to PPF account at new place (SBI or Other Bank).

            Please suggest and confirm the same.

            Thanks,
            Vinit Kumar

            1. Hi Vinit

              This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

              Manish

  24. Vijay says:

    Hi Manish Chauhan
    I have PPF account with Vijay bank Its very far from my current place and its don’t have online service.
    Every year I have to go to home branch and then deposit the amount. Its irritating job and that too they work only half day on Saturdays.
    I once even asked them for transfer account to ICICI or SBI but they said not possible.
    Is the rule says possible to transfer between any banks too.

    1. The Transfer is very much possible . Dont talk to Vijaya bank, but rather talk to the bank where you want to transfer like SBI bank

  25. nb says:

    After the account is transferred , it only shows as one single entry in the new passbook without any previous history.
    In that case how is the lockin period of 15 years determined by the new bank. Will i have to wait another 15 years before i can withdraw any amount from the transferred pf or is the original account opening date captured by the new bank?

    1. AJ says:

      Hi NB. AFAIK the new bank will update the date initially with your actual start date and mark the account as transferred account. I hope you have taken the scanned copy of your earlier passbook

      1. nb says:

        Thanks AJ. I still have to initiate the process so will remember to take a scan of the passbook.

    2. Hi nb

      The record is there with the new entity

  26. Praween says:

    Hi Manish!

    With great difficulty I got my PPF account transferred from one SBI to another SBI on 15th Sept 15. Old branch transferred my contribution of Rs 2, 82,260 to new branch. Now on 31st March 15, the new branch calculated interest based on my contributions from Oct’15. The old branch will obviously not calculate my interest for the period 1st April 15 to Sept 15. This way I am loosing interest of about Rs 11,886 for none of my fault. Is there a way to claim the lost interest from the bank?

    1. Praween says:

      Hi Manish!
      I messed up the dates. It is not Sept 15 but Sept 14. And I have lost interest for the period of 1st April 14 to Sept 14. I got interest for the period Oct’14 to March 15.

      1. AJ says:

        Praween – As per the PPF rules the institution where your account gets transfered to should be paying the interest for the year. Even I have the same problem and I am writing to SBI to pay the amount. You can refer to my comments above.

        1. Praween says:

          Thanks AJ! I am approaching the current bank for the lost interest.

    2. Hi Praween

      I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

      Its a bit long cut, but works well

      Manish

  27. Vivek says:

    SBI is asking for original passbook, and postoffice is not ready to give it, they say if you are transferring, they will keep it.
    I told them they just cancel and return it to me…. but they are not.. any solution ???

    1. Hi Vivek

      I suggest that you now take the RTI route. You can file the RTI and ask your queries to them. THey are bound to reply you on your queries.

      Its a bit long cut, but works well

      Manish

  28. Rhituparna says:

    This article was really helpful. I have been trying to to transfer the account for 2 years now and everytime I go there, the Postmaster throws me out screaming and yelling at me. That too when I behave very meek and timid, as I just ask him just tell me the procedure, that’s all… I ahve no idea why he behaves that ways, and i request him to just be kind to me and behave normally, and he still throws me out. This article really helped, as i know I can transfer to a bank branch and not deal with post offices any more.

    1. Hi Rhituparna

      Also you should file a RTI asking him two things

      1. What is procedure of transferring the PPF to some other bank
      2. Why does he behave rude to customer ? If possible tell him dates when it happened

      He is bound to answer that legally .

      Manish

      1. Rhituparna says:

        Thank you Manish. That definitely makes sense. I think I will now work doubly hard just to ensure I fix things myself on this PPF, and also make the ill mannered guy take ownership for his callous behavior.

  29. R.C.Gupta says:

    Dear Sir,
    My querry is:-
    1 Can I transfer my PNB PPF Account to SBI.
    2 Is PNB PPF Account is online.
    R.C.Gupta

    1. YEs it the answer to both your questions

  30. Nitin Pandey says:

    Hi,

    Step – 5 is not clear to me. It is clear to me that while transferring the PPF a/c from “Post Office” to “Bank”, Post office will close the PPF a/c and transfer the balance to Bank via Cheque or Demand Draft. But you have not mentioned that cheque or DD will be in the name of Customer or Bank?

    Main Question: Whose name will appear over the Cheque or DD ???

    Thanks,
    Nitin

    1. It will be in the name of the bank

  31. 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.

    1. Thanks for sharing this important information !

    2. 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.

      1. AJ says:

        UPDATE:
        Remember Murphy’s law (Read here if you dont https://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” πŸ™‚

        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. πŸ™‚

        1. AJ says:

          UPDATE:
          The nightmare of PPF transfers is back to haunt me. After an almost smooth transfer (read above) I was hoping that the interest will be credited for the entire year by SBI. They have done it now for only 4 months and a complaint that I registered with their customer service cell got closed that the interest applied is correct :(. I am writing to the bank with my calculations of interest and if required will file an RTI with SBI to find out more…

          Stay tuned for more details… Will update as I get it…

          1. Thanks for sharing that .. will wait for your update !

          2. AJ says:

            UPDATE: Followed up with the branch manager and was told that the interest will have to be paid by the PO. After a few email exchanges on the RTI response I got from PO and may be after the manager consulted the PPF Rules Book, SBI credited the interest for the complete year.

            1. Hi AJ

              Thanks for your sharing your valuable comment on this topic. Please keep sharing your views in future also

              Manish

      2. Thanks for updating us on this πŸ™‚

  32. 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

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

      Manish

      1. 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 !!

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

  33. 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

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

    2. 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.

  34. 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.

    1. 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

  35. 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

  36. manik.gsm says:

    Hello Manish,
    I β€˜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 β€˜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

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

  37. 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…??

    1. Pay accounts means PPF ?

      1. shital rai says:

        yup….!!

  38. dr c n patel says:

    no coments thanks

  39. 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.

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

  40. 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

    1. 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

    2. JK says:

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

  41. 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

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

  42. 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?

    1. 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

  43. Vinay says:

    Thank you so much. This is really helpful.

  44. 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

    1. 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

      1. Manish says:

        Thanks Sreedhar.

      2. Ok , thanks for that info !

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

  45. 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 πŸ™‚

    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 πŸ™‚

    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.

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

  46. Gaurav Pandey says:

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

    1. Thanks for sharing that Gaurav

  47. chandra nath bayen says:

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

    1. You can do that , if you want to be updated

  48. 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.

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

      1. 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.

        1. 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 .

          1. 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.

  49. 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.

  50. 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

    1. 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.

  51. 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

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

  52. karamveer says:

    Hi Manish,

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

    Regards
    Karamveer

  53. 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

    1. No you should not loose any interst !

    2. 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

  54. 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

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

  55. 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?

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

  56. 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

    1. Anil

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

      The same thing will apply for Post Office also

  57. 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

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

  58. 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

  59. 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

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

      1. 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

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

  60. 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

    1. I was talking about SBI bank saving bank passbook !

  61. 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.

    1. 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 .

      1. 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.

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

  62. 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?

  63. Manan says:

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

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

      1. 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 .

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

  64. 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.

    1. 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

      1. Sachin says:

        Thanks mate! I went to sbi branch today but they are, as expected, presenting hurdles πŸ™ 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.

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

  65. 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?

    1. Yes , you can update it from SBI branch

  66. Sachin says:

    Thanks for the article πŸ™‚ 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?

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

      1. Sachin says:

        thanks πŸ™‚

  67. Bishwanath Sanfui says:

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

  68. Manan says:

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

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

      1. 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.

        1. 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 !

  69. 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.

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

  70. Abhinav Gulechha says:

    Thanks Manish. This is really useful information!

  71. 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

    1. Aviraj

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

  72. 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: https://tinyurl.com/8zftd6g

    Hope it helped πŸ™‚

    Regards!
    Amit

    1. Good information Amit πŸ™‚

  73. S.Prakash says:

    Dear Manish,

    Whether State Bank of Mysore also offers PPF facility.

    regards,

    1. Yes it offers PPF

  74. 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!

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

  75. 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,

  76. 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.

    1. 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

  77. 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.

    1. Raj

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

  78. om says:

    What is wrong keeping PPF account in post-office?

    1. Anand says:

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

  79. 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.

    1. 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.”

      1. 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.

        1. 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.

  80. Sid says:

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

    1. Thanks for confirming that !

  81. Rajesh Kumar Singhal says:

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

    1. ATS Preeth says:

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

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

      1. Its not that straight forward , this article explains in detial what they have mentioned in a line πŸ™‚

    2. Its almost same, just the forms would be different !

  82. 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.

    1. 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” πŸ™‚ .. This should help !

  83. 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

    1. 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 !

  84. 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?

    1. 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.

    2. 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 !

  85. 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.

    1. 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 !

      1. 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

        1. 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

          1. Atul Mittal says:

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

            1. 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

            2. 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.

            3. 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 !

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

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

        2. 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!

  86. Atul says:

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

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

    1. Atul

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

  87. 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).

    1. Atul

      Obviously they will , why will they not ?

  88. DEEPAK says:

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

    1. 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

  89. 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.

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

  90. 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.

    1. 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 : https://www.jagoinvestor.com/2011/12/ppf-account-online-investing-netbanking.html

  91. 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

  92. 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… πŸ™‚

    1. Thanks for confirming the procedure !

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

    1. Natarajan S says:

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

      1. Kapil Mohan Gupta says:

        ICICI Bank is authorized to open PPF accounts

      2. Sunil says:

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

    2. Raghvendra

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

  94. 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

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

  95. Mukul says:

    Very important information .. Thanks for sharing it.

    Regards,
    Mukul

  96. pratik says:

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

    Regards

    Pratik

    1. amar says:

      yes u can trf to any nationalised bank

    2. Yes Pratik

      thats possible !

  97. 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

    1. 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.

      1. 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.

      2. 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 https://www.icicibank.com/online-services/public-provident-fund/designated-branches.html & https://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.

        1. 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:
          https://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.

      3. 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

    2. Rupali Choudhary says:

      very useful article..thank you

    3. It would be same procedure !

    4. 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?

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

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