How annoying is the process of transferring a PPF account to another bank?

[COSMOCRAT]

I have a PPF account in ICICI which I want to transfer to a PSU bank.

I saw one of the requirements is a PPF passbook and that was never given to me as the account was opened online and I don't think anyone prints the passbook regularly when entries of UPI have become so frequent. So I was wondering if a passbook is mandatory or whether the PPF PDF statement will be accepted.

Secondly, since it is not a bank's private scheme, I'm pretty sure there will be laziness, lying, and whatnot. Can the ombudsman be approached for a PPF-related complaint if the bank shows denial?

 

[Tejo]

Does hard statement copy rejected, while using as alternate to passbook?

Which psu bank?

Mail bank nodal or talk with bm, if bm is young, your work done

 

[COSMOCRAT]

Does hard statement copy rejected, while using as alternate to passbook?

I haven't attempted it yet. Wanted to be prepared firsthand before dealing with them and avoid multiple visits to the branch.

Which psu bank?

SBI

 

[RAMESH BABU N]

I have a PPF account in ICICI which I want to transfer to a PSU bank.

I saw one of the requirements is a PPF passbook and that was never given to me as the account was opened online and I don't think anyone prints the passbook regularly when entries of UPI have become so frequent. So I was wondering if a passbook is mandatory or whether the PPF PDF statement will be accepted.

Secondly, since it is not a bank's private scheme, I'm pretty sure there will be laziness, lying, and whatnot. Can the ombudsman be approached for a PPF-related complaint if the bank shows denial?

You are only presuming things - as of now.
Go to ICICI branch and give the needed signed transer application.

If they had not given you the passbook, then, they will generate one, update it and then send it to the next bank. In case they had given you one earlier and you lost it, pay for a duplicate. Remember, this is not a bank scheme/product. Some unpalatable rules may be there.

Followup with the receiving branch after the transfer period.

 

[quino]

PPF passbook

FYI, PPF account is a different account in banking systems. So PPF passbook only has entries corresponding to the yearly interest credit into that account & any credits you may have done.

You can ask any branch to give a passbook for your PPF acc. They'll print it for you.

 

[COSMOCRAT]

FYI, PPF account is a different account in banking systems. So PPF passbook only has entries corresponding to the yearly interest credit into that account & any credits you may have done.

PPF account became functional after 3-4 days of creation. Been a year and a half and no passbook was sent, thought it was normal since any statement can just be downloaded on the website.

 

[Trust Me]

I have a PPF account in ICICI which I want to transfer to a PSU bank.

.....
Secondly, since it is not a bank's private scheme, I'm pretty sure there will be laziness, lying, and whatnot.

If the Bank wants to harass you just for fun, then that's a different story. But they don't stand to lose much if they let go, because they just work as an agent for government schemes for some commission that they usually don't think is lucrative enough. Hence private banks typically show not too much enthusiasm for such schemes.

 

[metal_heart]

SBI

I have PPF in SBI and want to shift from SBI.
But as PPF is very rare dealing w/ SBI, i'm still continuing with it.
Why are you looking to change?

 

[manumaniac]

Its a nightmare doing it from a PSU (PNB) to a private Bank (ICICI). This was appox 2 years back. Initally, PNB denied they had any such process. When i finally convinced them (after 2 visits); they tried coaxing me to open a PNB account.
I submitted all the required docs, and revisited them a couple of more times as they have to retrieve the physical records from their mountain of files and folders. Took them a month !
And finally submitted the forms to ICICI. They were a bit easier, but took their own sweet time ! they asked me to create a new account ( even though i had one.); which i did not.
And Walla , nearly 2 months later and several buckets of sweat, my PPF account was transfered.

 

[RAMESH BABU N]

With just 2 entries/trxns per year (one contribution n the other for interest), is it worth taking that sort of trouble ?

More so, when netbanking is available even for PPF ?

 

[kn0w1]

I had a PPF account with Central Bank of India (CBI) opened by my father and it was an exercise in frustration from having to manually fill the deposit forms to getting the passbook updated with a non-functional printer. Once I tried net banking and it didn’t even reflect the balance correctly and was reversed.

Shifted to ICICI after that. Had to submit the request first at CBI and then inform the local ICICI branch about it. CBI took more than a week to send all documents to the local ICICI branch. The local ICICI branch then sent it to the central PPF branch and it took about 2 weeks for it to be visible in netbanking.

Honestly, PPF account is held with the government so it doesn’t make sense to shift unless you have service issues like I was having with CBI, which was the driver for me to shift it to ICICI which is my salary account for easy transfer and management.

 

[phoenix1386]

Mail bank nodal or talk with bm, if bm is young, your work done

And if BM is old, do him.

 

[Wealth is my birth right!]

With just 2 entries/trxns per year (one contribution n the other for interest), is it worth taking that sort of trouble ?

More so, when netbanking is available even for PPF ?

When can be ppf withdrawn?

 

[phoenix1386]

When can be ppf withdrawn?

Loan after 5th/ 8th year I suppose, but if you’re talking about classic withdrawal, 15 years - at maturity.

 

[Wealth is my birth right!]

Loan after 5th/ 8th year I suppose, but if you’re talking about classic withdrawal, 15 years - at maturity.

Oh ok its too long
Thought to give a try if its like tier2 of nps
Thanks

 

[phoenix1386]

Oh ok its too long
Thought to give a try if its like tier2 of nps
Thanks

They allow you to close the PPF account only after 5 years of operation, with one rider: holder or family member must have a life-threatening disease or the money needed is for higher education.

 

[dhiraz]

I am also having a PPF account in ICICI opened online.

But I successfully transferred it to SBI.

Just go to branch and write a application for transferring PPF account enter SBI account details and the branch address after this they will generate a form and you should signed it.

After this all things sorted.

From the Head branch they will courier a DD of the amount which is in your PPF account.

After 1 or 2 week visit your SBI branch and asked for your courier which is received by the SBI branch.

Then filled a PPF account opening form and submit with DD they will open new PPF account and deposit the DD amount to your new PPF account.

That's it

 

[sidmanraj]

I am also having a PPF account in ICICI opened online.

But I successfully transferred it to SBI.

Just go to branch and write a application for transferring PPF account enter SBI account details and the branch address after this they will generate a form and you should signed it.

After this all things sorted.

From the Head branch they will courier a DD of the amount which is in your PPF account.

After 1 or 2 week visit your SBI branch and asked for your courier which is received by the SBI branch.

Then filled a PPF account opening form and submit with DD they will open new PPF account and deposit the DD amount to your new PPF account.

That's it

Is it compulsory to have saving account in sbi?

 

[RAMESH BABU N]

Is it compulsory to have saving account in sbi?

Not necessary. No need.

 

[quino]

Is it compulsory to have saving account in sbi?

Not necessary. No need.

now-a-days they are unofficially mandating it. saying reason that at time of maturity, we can only transfer corpus to your SB acc. but stand firm.