why can’t we transfer PPF A/c from SBI to ICICI bank ???

POSTED BY Umesh Vaghani ON April 25, 2013 9:49 am COMMENTS (5)

Dear Friends,

Can any one pl let me know, why can’t i transfer my PPF A/c from SBI (Bhavnagar branch, Gujarat) to ICICI bank ???  I have attempted to submit prescribed form  ” Annexure-C, Application for transfer of PPF Account”  three times, but every time, The SBI staff explains/mis-guide & create resistance…..like….

(1) there will be interest loss, when you transfer the PPF acct.
(2) printer is not working,
(3) server is down,
(4) you have to fill up new Acct opening form
(5) submit KYC proof (that’s also so many time ) etc. etc. …

when recently approached with all original KYC documents & PPF passbook the concerned staff has given me another form i.e.  “FORM-A, Item code :2270001…APPLICATION FOR OPENING A PPF ACCT…..UNDER SCHEME 1968”...

[ a big surprise, this form is irrelevant !!!! people told me , it is not required for transfer of PPF Acct. ]

The Branch Manager is recently transferred / joined to this place, hence he is helpless & ground staff are dominant to mis-guide/resist the customer.

Can any one pl let me know the E-mail address, Name, Designation & Phone Num. of the concerned RBI department, where i can ask help to get rid off this kind of Non-cooperation, mis-guidance, harrassment, which force the customer not to transfer PPF acct ??

I will be thankful for all your help/guidance to come out of this harrassment.

P.S.: Recently i could success JUST to force them to accept my application. [let’s see, what’s happenes]

5 replies on this article “why can’t we transfer PPF A/c from SBI to ICICI bank ???”

  1. Dear Umesh, due to netbanking, you need not to visit for PPF transactions to your SBI branch. In case you are highly frustated with the concerned branch, you may transfer the account to other branch of SBI. In case you are not ready to use SBI anymore, please follow the reply given to you, by dear Gaurav Doshi above.

    Thanks

    Ashal

  2. Dear Umesh, I want to know the reason of transfer.

    thanks

    Ashal

    1. Umesh Vaghani says:

      Dear Mr. Ashal,

      Every one knows the diff. of attitude between Govt Bank & Pvt Bank. My PPF acct was with SBI since very long & during this long period they always treated the customer with insult & the staff always behaved (bark like dog) as if i am their enemy & not customer.

      Why should we keep acct with such GOI bank, who treats you like anything & that is also against payment of our lacs of Rupees to this bank (in PPF Acct. ). ???

      I can’t buy insult with payment of fund to their bank. The time will come…they will also learn the language of politeness & one day all these GOI bank’s staff will surely have to go for marketing from door to door for business (and they will have to beg for business).

      sorry friend….but i have passed through extreme harassment, exercised by SBI, there is no limit to it.

  3. Gaurav Doshi says:

    I have initiated the same activity with SBBJ Bank, Rajasthan – transfer in process:
    The steps I followed are as follows (even SBBJI bank manager new half process):

    1. Write an application to the bank manager regarding transfer of your PPF from SBI to designated branch of ICICI (check on ICICI website about nearest branch where PPF facility is there).
    http://www.icicibank.com/Personal-Banking/investments/ppf/designated-branches.html

    2. Or if in case you do not have designated branch in Bhavnagar, go and speak to the bank manager of ICICI that if they receive the closure document at bhavnagar branch will they be able to process the new PPF a/c.

    3. Submit the application to SBI bank manager with original ppf passbook + copy of of your PAN card self attested.

    4. Mention on the application the communication details of icici bank where you want the closure documents to be sent.

    5. Once the application with passbook is submitted, what SBI needs to do is:
    a. Makes a DD of the balance ppf amount – which can be reddeemed only by ICICI.
    b. The bank manager of SBI sends a writted letter to ICICI bank manager to transfer
    the a/c with sign and stamp of bank. It has to have your contact details and incase you
    have a bank a/c with icici pls request sbi manager to put the details on the letter.
    c. The sbi bank manager also needs to send a photo copy of your application letter with
    banks sign and stamp. (imp)
    d. SBI has to enclose the passbook copy – this has to be submitted to ICICI Bank.
    (All the above 4 needs to be sent together by sbi manager to icici manager)

    Then ICICI wants the above pack to be received as courier or post from State Bank directly.
    Then once ICICI receives the above they will contact you and then you will have to do the formalities there at ICICI..

    Problem I faced:
    1. SBBJ manager did not know about the process so I had to explain.
    2. After i submitted the application they closed the account and handed over the passbook and demand draft directly to me.
    3. I took these two to ICICI designated ppf branch in Pune.
    4. They said customer cannot submit it directly, it has to come from SBI as a pack with all the above listed documents.
    5. Then what I am currently doing is – I have sent passbook and DD back to SBBJ bank manager. Along with an application letter I made on behalf of sbbj bank manager (which he needs to send to ICICI bank manager). Cross verified that letter details with ICICI team prior to sending.
    6. Now once the SBBJ manager receives back the documents – he just needs to sign and stamp the letter and send it back to ICICI bank manager (a+b+c+d).

    With SBI it is painful, as the process is not defined or they do not know the process.
    Good shifting it to ICICI.

  4. First you need to complain to SBI complaint cell. If they don;t respond then to the banking ombudsman.

    While you have every right to transfer PPF acc wherever you want, may I ask why you want to do this?

    Manish has shared the following on FB

    Shailendra Vashishth – an Assistant Manager at Central Bank of India and a reader of jagoinvestor shares a good tip for PSU Banks

    “Being an bank officer would like to say that if anyone is having any issue in PSBs then do’nt get frustrated and disappointed but you need to do one thing only.i.e write a letter or email or write through their website and get a receipt of it. Then you will see they will come to your home also to get a letter of satisfaction from you to submit it to CMD. this is the power of customer.”

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