Transferring PPF Account from Post Office to ICICI Bank

POSTED BY Vijay ON August 23, 2012 11:17 am COMMENTS (6)

Dear All,

Has someone in this forum transferred their PPF account from a post office to ICICI Bank? I have my PPF account with a post office and since my savings account is maintained with ICICI bank, I want to transfer my PPF account to it as well.

While the website for ICICI Bank clearly states the process for transferring the account from a post office (which requires the transfer to be initiated at the post office), the staff at the post office are refusing to do it stating that they are authorized to transfer the account only to another post office or to a nationalized bank (read SBI). Please read the link below for more information on the process as stated by ICICI Bank:

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

I am now confused if it is the post office or ICICI Bank which is stating the policy wrongly. It would be great if somebody can tell me whether such a transfer is actually allowed and what the transfer process is.

Thanks,
Vijay

6 replies on this article “Transferring PPF Account from Post Office to ICICI Bank”

  1. Nikhil says:

    Hi Vijay, M facing the issue too. I have a PPF with Ramesh Nagar and wanted to move it to ICICI. They gave a transfer form which i filled but refused to accept it and said icici bank will sent us this form and then we will send it back to icicibank for transfer. Whereas ICICI bank says PPF can be only transferred by Post office only. I will have to insist someone to do it someone insider or may be talk to the Post Master if i can catch him in his office,.

    1. Hi Nikhil

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

      Manish

  2. 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

  3. From what I can find out , this section http://www.indiapost.gov.in/Old/POSB_Manual_Vol-I.htm
    Provides the rules , but its marked as OLD . So not sure if the new rules are different . But it mentions SBI -> PO and PO -> SBI (see point 153)

    Now this was obviously an old rule when PPF was allowed only in SBI + Its subsidiaries !

    You can do one thing , you can file a RTI application to POST OFFICE and ask if its allowed only from SBI to post office and wise versa or Post Office to any Bank where PPF facility is offered ., that would give a more accurate answer .

  4. Dear Vijay, as per PPF rules, the Account can be transferred from Post office to banks & Banks to Post office. To your given situation, it seems the local staff is ignorant. Please contact the Distt. Head Post Office’s In Charge & ask him/her to do the needful or at least issue guidelines for the same to the concerned Post Office.

    Thanks

    Ashal

  5. Vijay says:

    Dear All,

    Has someone in this forum transferred their PPF account from a post office to ICICI Bank? I have my PPF account with a post office and since my savings account is maintained with ICICI bank, I want to transfer my PPF account to it as well.

    While the website for ICICI Bank clearly states the process for transferring the account from a post office (which requires the transfer to be initiated at the post office), the staff at the post office are refusing to do it stating that they are authorized to transfer the account only to another post office or to a nationalized bank (read SBI). Please read the link below for more information on the process as stated by ICICI Bank:

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

    I am now confused if it is the post office or ICICI Bank which is stating the policy wrongly. It would be great if somebody can tell me whether such a transfer is actually allowed and what the transfer process is.

    Thanks,
    Vijay

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