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POSTED BY ON March 19, 2013 11:28 am COMMENTS (10)
Hi Friends,
I’ve a PPF account in post office and want to transfer it to SBI. Now as I may need to move from one state to another due to my job requirements, I was wondering if it is possible to withdraw your PPF account online through netbanking once it matures.
With SBI/ICICI online PPF account you can do all sort of things but I was not able to find a post or link which states whether we can withdraw it online also.
Please share your views.
Thanks,
SB
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Dear Subrata, as of now in SBI, due to CBS, you can invest in to your Banglore located PPF acct. even from Kolkata with out visiting Banglore, through netbanking. So as of now, please transfer from PO to SBI Banglore.
Thanks
Ashal
That’s correct Ashal.
CBS really made the things simple enough and hope PO accounts will be fully integrated as well. Let me go to my nearest SBI branch and check the details.
I’ll keep this thread updated.
Thanks,
SB
Dear Subrata, if your PPF is completing 15Y, first of all please opt for 5Y extension. After that get it transferred to Banglore SBI. Till the time you are in Banglore, you may continue as it is. Even after coming out from Banglore, you may continue tom invest online. In case you are returning back to Kolkata permanently after few years, then only opt for transfer. Who knows by that time, system may be available to withdraw online or transfer online.
Thanks
Ashal
Thanks for the reply Ashal.
Actually this PPF account is just four years old. I was just thinking of taking a little extra care after going through all the posts from various forum members.
I saw many people are facing problems with interest payments upon transferring their PPF accounts from post office to SBI/ICICI bank. That’s why I want to go through this process only once and keep the paper work to minimum.
I am planning to move to Kolkata within two years and transferring the PPF account to SBI is the most viable option to me. The big question is whether it should be in SBI Bangalore or SBI Kolkata.
You are very correct here and we can definitely hope for better online mechanism after few years. We have already seen things are changing with EPF. Hoping to see something similar happening to PPF also.
I dont think its possible online . However I think you can sent the closure form by post to them ? Not sure !
Hi Manish,
Actually the PPF account is in Bangalore right now and I was planning to transfer it to SBI Bangalore branch. But I am also planning to move to Kolkata in near future and then I’ve to repeat the entire process again.
Instead if I could somehow transfer it to Kolkata SBI directly that would simplify my life. The only problem is that I can’t transfer it to Kolkata without being there and I don’t have any plan to visit Kolkata presently. 🙁
As of now you will need to fill in a closure/extension form and submit it to the branch. Hopefully things may change in future.
Thanks Pattu.
Hoping for that only. IF they somehow bring post offices to online world , a lot of things will be simplified. Hearing about it from sometime but no actual examples yet.
As per current process, you cannot withdraw online
Please read below posts:
http://localhost/jagoforum2/how-is-ppf-money-given-at-the-time-of-withdrawal/821/
http://localhost/jagoforum2/how-will-i-get-ppf-mature-amount/6469/
Thanks Karthik.
Helpful links there.