Only post offices and authorized banks are capable of legally opening PPF accounts for individuals.
Only one PPF account can be held per adult individual, except in the case where a parent or guardian is creating and maintaining an account on behalf of a minor.
The PPF Account itself, however, can be transferred from a bank to the post office, and vice versa. The account can also be transferred between branches of the same bank.
The process for the same is very simple:
- The PPF account holder is required to submit a PPF transfer request at the bank branch or post office in which he or she has created the account.
- The post office or bank branch at which the account was created will send across all original documents like the certified copy of the account, account opening application, specimen signatures, nomination form, etc. to the bank branch or post office in which the account holder wishes to transfer his holding. All these documents will be accompanied by a cheque or demand draft (DD) of the outstanding balance in the PPF account at the time of transfer.
- Most banks require the customer to re-submit a new PPF account opening form, nomination form along with the original PPF passbook, when he or she has been intimated by the bank that the transfer of documents has been completed successfully and the cheque / DD has been received successfully.
- A new set of KYC documents are also required to be duly filled in.
- Oriental Bank of Commerce PPF Account
- Bank Maharashtra PPF Account
- Dena Bank PPF Account
- Indian Overseas Bank PPF Account
- PNB PPF Account
- United Bank of India PPF Account
- SBH PPF Account
- SBM PPF Account
- SBT PPF Account
- SBBJ PPF Account
- SBP PPF Account
- Punjab And Sind Bank PPF Account
- UCO Bank PPF Account
- Age Limit for Public Provident Fund
- Deposit Limit for Public Provident Fund
- Loan Against PPF Account
- PPF Accout Opening Banks
- Know About ppf Lock in Period
- How to Change the Nominee Name in the PPF Account
- How to Revive a Dormant PPF Account
- Ppf Account Closing Form
- PPF Account for NRI in India
- PPF Death Claim Form
- Kow about Age Limit for PPF