Saturday, January 7, 2012

Transfer of PPF account from Post Office to SBI

I have opened my PPF account in the year 2004 at Post Office in New Delhi, subsequently I changed my job and relocated to Hyderabad. At the same time I got transferred my PF account from Post office, New Delhi to Post Office in Secunderabad. Believe me the process of transfer of PPF account from one post office to another post office is pretty fast(almost took 2 weeks).

However I was somewhat not very comfortable in carrying out activities related to PPF account with post office for example to update your passbook I need to stand in queue, when your turn comes the clerk will try to locate the register in which my PPF account entries are there(despite the fact that there is a PC on his desk). Not only that if you are paying via cheque, you need to go to Post office two times, second time to get your entries updated in your passbook(they will wait the cheque to be cleared before they put transaction in your passbook).

When I shifted my house from Begumpet to Attapur, maintaining the PPF account became a nightmare for me as my nearest Hyderguda post office didn't have PPF account facility. I started finding an alternative option for it. The only option I had to transfer the account to nearby nationalized bank. I zeroed on SBI bank.

I met to the branch manager of SBI bank and asked him the procedure for transfer of account from Post office to SBI. His first answer was Its not possible. My all dream shattered. I came back and tried to google about the possibility of such transfer. I got the information from SBI web site (try to search for PPF in SBI website) that PPF account can be transferred from Post Office to SBI and vice versa.

After 2-3 months I took the printout and again approached to Branch manager, this time he said I need to request for transfer at Post office where my account is. In my passbook also its mentioned that the above transfer is possible( i never read the detailed information in my passbook in past).

Then I approached to my post office and enquired with the clerk about the process. He again said its not possible. I immediately showed him the its written in the passbook. Then I was asked to talk to postmaster. Postmaster asked me to write a plain application , fill up the account transfer form SB(10)B and submit it with original PPF passbook. I also submitted photocopy of PAN, SBI passbook and address proof.

After one week I checked with Head post office and they informed me that its in process and by next Monday they will dispatch the transfer documents to SBI and may be after one week I can collect the passbook from SBI. Let me see what happens next.....

25-Jan-2012: Finally my PPF account got opened with SBI and I can see the PPF account balance online. I also collected a new PPF passbook issued by SBI.

Overall I am very happy with this transfer as I can deposit money and can see the balance online.

Thanks to all the people of Post Office and SBI which helped me during this transfer process.

8 comments:

Bapi Bardhan said...

Debabrata bardhan March 6, 2012 at 6:52 AM
My ppf account has been transferred from Asansol head post office to State Bank of India ASP branch Durgapur on 22/2/2012.But in the transfer proceeds post office did not give interest upto 31.3.2011 and interest upto 31.3.2012.SBI has already opened my PPF account.Will I lose two financial yrs interest due to transfer of account from post office to SBI? Please let me know what Ihave to do?Where I have to apply? and how?…..Debabrata Bardhan Mob no 09474639503

Bapi Bardhan said...

till dt no comments observed. Pl give comment

Binod said...

Hi Bapi,
Sorry for late reply.Ideally speaking its the Post office who would be responsible to post the interest upto 31-Mar-2011. In my case I used to contact the concerned person of PPF department in head office to clarify doubts. So I am assuming that you should get in touch with officer who handles PPF related matter in head post office. But I really do not the exact procedure.
Thanks,
Binod

Bapi Bardhan said...

Post office is saying that Bank will give interest and bank is saying that upto 31.3.2011 post office will give the interest.With this I am rather puzzled and don't know what to do?If you know the PPF central office address and e-mail address,kindly infrom me through this site.Thanks ... Debabrata alias bardhanbapi49@gmail.com

Bapi Bardhan said...

Pl give yr valuable opinion on my comments of12.3.2012

Anonymous said...

I just enquired with idbi as i too want to transfer my ppf account. They warned me to get all my interest entries in the ppf account updated from post office. They told me that i will not be able to see any previous entries in the idbi ppf account. Also any interest by 31st march 2012 will be updated by the post office.

Binod said...

That's true. We should get all interest transaction updated til the date our account is with Post Office.

Even I faced the issue similar to Bapi. My account was transferred on 9-Jan-2012. And Post Office hasn't paid any interest for Year 2011-12(till Jan 2012). After Transfer SBI has give interest only for Feb and Mar 2012. I wrote an application to SBI which in turn they have written to Post Office to send accrued interest in my account.

manav said...

Thank you for the info. It sounds pretty user friendly. I guess I’ll pick one up for fun. thank u









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