A Public Provident Fund or PPF account can be opened with a post office or a bank that accepts them. Those who hold post office PPF accounts find it convenient to operate them from the post office closest to them. When the subscriber moves to a new address, he can shift the PPF account to a nearby post office for ease of operation. Here's how it's done.
Form
The PPF account holder is required to fill up Form SB 10(b), which is an application for the transfer of an account to another post office. The form can be downloaded from the India Post website.
Details
The application must be addressed to the old post office and furnished with account number, balance in the passbook and name of the new post office. The application must be signed by the account holder and should also provide three specimen signatures.
Documents
The original PPF passbook must be attached with the form to complete the application.
Submission
The documents need to be submitted to the old post office. On submission, the postmaster will countersign the specimen signature, verify the passbook balances and sign the form confirming that the application is in order, and return the original passbook to the account holder. The account will then be closed and an application with a demand draft for the account balance sent to the new post office.
New post office
After this, the account holder must approach the new post office. Once the new post office receives the documents, an account will be opened in its books and a new passbook issued to the account holder.
Points to note
- It is important to update the PPF passbook before submitting the application for shifting the account.
- After shifting, the account holder should check if the balance is correctly transferred to the new post office. Otherwise, the issue must be raised.
No comments:
Post a Comment