If you have a PPF account in Post Office and you want to transfer the same in SBI then you are at the right place. As I will be sharing the complete step by step guide to transfer your PPF account from post office to SBI bank easily.
Public Provident Fund or PPF account is one of the best long term savings account in India. Opening a PPF account in Post Office is very easy and I am sure many of us did that in the early days of our job life.
But gradually when we settle down in life & got busy with work, one thing we realized that handling PPF account in post office is not that easy as there is online facility. In that case, if you have savings account with SBI, it is better to transfer your PPF account in SBI from Post office.
How To Transfer PPF Account From Post Office To SBI [Step By Step Guide]
Before starting the transfer, make sure your Post Office PPF account is updated with the correct amount. Also you have to make sure to close all loans if you have taken against your PPF account. Otherwise it may create problem in case any due balance.
After that you have to follow the step by step guide below to transfer your PPF account in SBI from Post Office.
Step #1: Visit your Post Office branch and fill up the PPF Transfer Application Form. Make sure to carry the PPF Passbook as well.
Step #2: In the application form, mention the complete address of the bank branch to which you wish to transfer your PPF account. Make sure to provide all details correctly as they will validate and then only the transfer will complete. Make sure to keep a copy of all the documents for future reference.
Step #3: Next Post Office will validate all the details and send the PPF account details to SBI bank to validate further. When SBI validate everything from their end, they will inform you.
Step #4: Next, you have to visit your nearest SBI branch and then open a new PPF account in SBI. Your New PPF account will be opened and all the money will be updated in this account from SBI.
Key Points To Remember
You need to complete the know-your-customer (KYC) process. So, submit your PAN copy, address proof (voter card, electricity bill, etc.) and personal identity proof (driving license, passport copy, etc.). The PPF transfer processing from takes up to one month. Your PPF account will be transfer to SBI from Post Office. And if you link your SBI account with PPF then you can transfer money from SBI Net banking to PPF account online.