How to Transfer Your Existing PPF Account to Bank of Baroda?

Public Provident Fund (PPF) is one of the most popular investment avenues, not only among investors but also among taxpayers. One can invest in PPF through a bank or post office.

One of the significant benefits of PPF account is that it is eligible for deduction under section 80C. A taxpayer can claim a deduction of up to Rs. 1.50 lakhs in a financial year by investing in PPF. Hence, PPF enjoys exempt-exempt-exempt status.

Now, if a person is moving cities, he would also like to transfer his bank account and investments, including his PPF account . So, is it even possible to shift a PPF account? Read the article to understand how to transfer PPF account from one bank to another.

How to Transfer PPF Account from One Bank to Another?

People can transfer their PPF accounts from one bank to another. They need to fill in the application form in their existing bank to initiate the process of transfer. Once they complete it, they need to provide the necessary details along with supporting documents to transfer their account. It might take a few days until the transfer is completed. Here is the step-by-step process of PPF account transfer from one bank to another.

Process of PPF Account Transfer

• Visit the existing bank along with the PPF passbook. Fill out and submit the transfer application form. It should also include the complete address of the bank’s branch where one wants to transfer the PPF account.
• The existing branch will initiate the process of transfer. They will provide a transfer request receipt.
• The existing branch will send these documents to the new branch. These documents include:
  • Original account opening application form
  • Nomination form
  • Certified copy of the account
  • Existing PPF passbook/ statement of account since date of account opening
  • Cheque or demand draft of the outstanding balance
  • Specimen of signatures
• Once the new branch receives the documents, they will ask about the document’s receipt.
• One needs to submit the account opening form, original passbook, and change of nomination form (if any) to the new bank.
• One might also have to go through the KYC process.

Important note: Since Interest is be credited to the PPF account at the end of each year therefore Interest shall be credited at the end of the year irrespective of the change of the account office due to transfer of the account during the year and the interest for the whole year is to be credited by the Financial Institution where the account stands as on 31st March of the Financial Year.

How to Transfer PPF Account from One Branch to Another of the Same Bank?

If individuals don't want to change banks but just want to transfer their PPF account from one branch to another of the same bank, then the process gets simple. The person needs to visit the existing branch and fill in the transfer application form seeking a change in the branch. The process might take a few days to complete.

Things to Keep in Mind for PPF Account Transfer

The following are the things one should keep in mind while transferring the PPF account:

• The transferor might be required to undergo the KYC process again.
• The benefits are continued in case of transfer of PPF account.
• A new PPF passbook is issued after one transfers the PPF account.
• The transferor should keep a copy of the old passbook as a record of old transactions.

Process of PPF Account Transfer at Bank of Baroda

Bank of Baroda is one of the preferred banks for depositors. Being a nationalized bank, it is one of the most trusted banks among customers. Wondering how to transfer money to BOB PPF account? Here is the solution.

In case a person is willing to transfer his/her PPF account to Bank of Baroda, he/she needs to make an application for PPF transfer to the existing bank. The concerned bank will initiate the process of transfer and provide the necessary documents to the receiving Bank of Baroda branch . He/she will receive a document receipt that should be submitted to BOB. Once the necessary formalities are completed, the PPF account will be transferred to the Bank of Baroda.

So, what are you waiting for? Get your PPF account transferred to BOB now and enjoy all the benefits!

Frequently Asked Questions on PPF Account Transfer

Q: Can we transfer the PPF account from one bank to another?

Yes. You can transfer PPF account from one bank to another bank or from one branch to another of the same bank.

Q: Apart from my home branch, where else can I deposit PPF?

You can deposit funds in your PPF account by visiting any Bank of Baroda branch.