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?

 

[dhiraz]

Is it compulsory to have saving account in sbi?

If you SB account then it is easy to maintain like auto debit to PPF from Savings Account.

Also it is not mandatory.

 

[Wealth is my birth right!]

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.

Interest rates are like pf right
I mean UAN investment
My Burgundy account is showing option to open ppf thats why got a thought of opening

 

[H2O]

Why people are transferring their PPF account.? Interest is the same everywhere, then why?

 

[phoenix1386]

Variety is the spice of life.

 

[sauravkumar]

Why people are transferring their PPF account.? Interest is the same everywhere, then why?

+1

Exactly for PPF how it matters?? Bank doesn't want role in it.. Interest is same everywhere and fixed by government.

So what's the benefit??

 

[manumaniac]

+1

Exactly for PPF how it matters?? Bank doesn't want role in it.. Interest is same everywhere and fixed by government.

So what's the benefit??

My Father opened it in PNB for me. I don't have an account there. I don't live in the city where the account was opened.
Going to deposit money in the branch every year was cumbersome. Had to make 2 visits, once to deposit and the second time to get the passbook printed. Did not want the hassle.

 

[sauravkumar]

My Father opened it in PNB for me. I don't have an account there. I don't live in the city where the account was opened.
Going to deposit money in the branch every year was cumbersome. Had to make 2 visits, once to deposit and the second time to get the passbook printed. Did not want the hassle.

Seriously!!! Don't they have any online option?? I think if you just transfer amount to your PF account like IMPs then also it should work.
Others can confirm.

In this case they are living in another era!!

 

[quino]

My Father opened it in PNB for me.

In this case they are living in another era!!

recently emailed PNB cc expressing interest to open their savings account, and had asked a doubt regarding one of their SB account variant.

i get a reply after 4 days to visit my base branch. when i dont even have an acc with them.

 

[metal_heart]

I don't live in the city where the account was opened.

Neither do I. Have a SBI PPF A/C

I transfer online via NEFT and update passbook via Kiosk in my city

 

[wiizzard]

This is generally not recommended.
Most banks will mess up your interest calculation when the transfer happens.
My father works in a bank and he strongly advised against doing this

 

[metal_heart]

Most banks will mess up your interest calculation when the transfer happens

With that logic best time is to transfer during April -May. I treat is already computed and credited

 

[desiviru]

I've first hand experience with this and I opened online PPF account with ICICI using Aadhaar-based NSDL eSign KYC in 2017. Still have the digital AOF (Account Opening Form 1) with me. No passbook was issued. Transferred my account without any hassles at local ICICI Bank branch where I hold savings with them. All online PPF of ICICI or even SBI are opened with Mumbai branch only. They gave me passbook on the spot.

Filled application form (at ICICI Branch) for transfer of account to PNB. After that what they did was provided PNB, my account opening application form (printed by them), passbook and a Cheque of the amount o/s. PNB asked me for reKYC at their branch.

It took 15 days when I get to link my PPF account to PNB Internet banking ID manually as it didn't shown up itself which it should have.

I suggest you not to go through this as PPF account is held with Govt and bank is just a custodian. I regretted my decision as PNB services are nothing compared to ICICI. But at some places ICICI is bad too. Depends on area and people. The only thing I did it for was PNB was 100 metres away from my place while ICICI 3.7 Kms. So no matter who holds PPF, you can easily manage it online. We have two purpose. 1 is to put 1.5 Lakh every year to it and keep earning tax free returns. Nothing else. So it doesn't matter whether you hold it at any bank or post office, it is just an account for credit and interest entries.

 

[wiizzard]

With that logic best time is to transfer during April -May. I treat is already computed and credited

They still mess it up, they compute interest only from the date they received the deposit

 

[a_tease]

I transferred from Bank of India to ICICI

AMA

I gave a hand written application to branch manager of Bank of India stating the reason (poor service), pan number, ppf number and all the details of ICICI bank such as branch address, ifsc code, my ICICI account number and then some personal details name, number address etc. with the application I attached a self attested copy of my PAN Card.

That’s it!!!

After a month or so my relationship manager from ICICI called that he has received my passbook and log account was created