PPF account transfer experience

PPF account transfer experience

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Deal Lieutenant
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Wanted to check if anyone has tried doing a PPF transfer from a nationalized bank to private bank.
I currently have a PPF account in PNB (extremely poor service with painful procedures). Was planning to migrate my PPF from PNB to HDFC..

Any dimer who has done the transfer, please share your experience and complexity of the process

15 Comments  |  
7 Dimers
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Deal Lieutenant
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It seems no dimer has tried this yet..

Bal ganesh
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Better migrate to SBI

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Deal Newbie
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I am facing issues with HDFC bank ppf account, as I had opened through internet banking, but that opened by default in chennai branch because in time of opening there was no option to select branch, where I live in Kolkata. Now I told my bank manager to transfer that to my home branch where i have my savings account. But manager saying not possible. Even noone is ready to help me in HDFC Bank upto nodal desk regarding this issue. Now I will go more up, lets see what’s happen.

Basically they don’t have proper support in PPF account.
Even customer care is not registering complain regarding this issue.

Now yours choice.

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Deal Subedar
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in these days of anywhere banking, what is the difference where the base branch is? as long as you can make deposits to PPF through online banking and can generate e-statements, does it really matter? also, what sort of “support” are you expecting for PPF?
do remember that PPF is a special govt account, and can only be opened in specific branches approved by the Govt for this purpose.

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Deal Subedar
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for transfer of PPF account,
1. identify the branch where you want to transfer. remember, not all branches are permitted to have govt business. check on the website of the concerned bank t find out the list of branches allowed to open PPF account. visit the branch and talk to the staff there to find out how responsive are they to open your account or get it transferred. not all branches are very kin as there is no incentive. specifically obtain their branch code, NEFT code and full address. you will need to provide this to your existing bank.
2. visit the existing bank/post office where your PPF account presently is and first get the passbook updated.
3. submit PPF transfer request to this branch. the transfer form applicable for postoffice can be downloaded from here https://www.indiapost.gov.in/VAS/DOP_PDFFiles/f... similar forms are also available with relevant banks. along with the transfer form, you will need to provide the specific address of the bank branch where you want the account to be transferred, your original pass book, KYC details. You may be asked to sign in front of the branch manager and he will verify your signature and other documents to transfer PPF account.
3. The bank After the verification, will close existing account and then will send the cheque / DD/ electronic transfer of closing balance along with all other documents like certified copy of old PPF account, nomination form, account opening form, certified signature etc to new Bank Branch as per details furnished by the customer.
4. Once PPF transfer-in documents are received at new Bank, branch official will intimate customer about the receipt of documents. Then customer is required to submit fresh PPF account opening form (Form A), Nomination form (Form E / Form F in case of change of nomination), along with the original PPF passbook. A fresh set of KYC documents are also required to be submitted by the customer.

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panchabhut wrote:

also, what sort of “support” are you expecting for PPF?

during days of manual passbook entries, one post office (from where the account was shifted elsewhere) had helped.. staff had personally helped correct and redo entries of 6 years.
the new place where PPF acc. was shifted, REFUSED to entertain anything else except what the received accounts showed as balance.


the mistake?


in a previous year, some employee mistakenly made duplicate interest credit entries and all subsequent years (6 years) had that much excess interest on interest on interest.
for keeping clean accounts, had to go back and spend half a day with staff at original branch.

bugs and stupid mistakes with core banking solutions (online/centralised banking) too creates unique sets of issues.
sadly, in the fast and furious corporate world/banking, now even the so called YUPPIE staff can hardly be relied upon to help resolve critical things in a timely manner.

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Deal Newbie
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panchabhut wrote:

in these days of anywhere banking, what is the difference where the base branch is? as long as you can make deposits to PPF through online banking and can generate e-statements, does it really matter? also, what sort of “support” are you expecting for PPF?
do remember that PPF is a special govt account, and can only be opened in specific branches approved by the Govt for this purpose.

Yes in these days everything anywhere banking. Still its a long term process and very big amount after 15yrs, I am living in near Kolkata, then why I should open a special account in chennai?

So, if not possible to my home branch, need to be transferred in Main Kolkata.

LET, If i want to change my residential address in future or any issues, I have to go to branch.

Thats why I my preferring near to my location.

Its very easy to say everything online, you can do online, get online but when real time issues come up, you will realize the harassment, as everyone knows everything can be done through online, they r just telling do it online. but how to do they don’t know, because they never done.

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Deal Subedar
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percent wrote:

during days of manual passbook entries, one post office (from where the account was shifted elsewhere) had helped.. staff had personally helped correct and redo entries of 6 years.
the new place where PPF acc. was shifted, REFUSED to entertain anything else except what the received accounts showed as balance.

the mistake?

in a previous year, some employee mistakenly made duplicate interest credit entries and all subsequent years (6 years) had that much excess interest on interest on interest.
for keeping clean accounts, had to go back and spend half a day with staff at original branch.

bugs and stupid mistakes with core banking solutions (online/centralised banking) too creates unique sets of issues.
sadly, in the fast and furious corporate world/banking, now even the so called YUPPIE staff can hardly be relied upon to help resolve critical things in a timely manner.

so the post office made a wrong entry in a particular year, which must have been duly reflected in the passbook also. but you did not even bother to check your passbook for several years, even went on to transfer the account from the post office to another bank without verifying the passbook and then suddenly realised one fine morning after 6 years that there has been an error.
the bank is absolutely correct that they can not make any changes to the certified balance as per the transfer document. it is the defined rule of the Govt as per the PPF scheme and they were only following the rules.
it was your own fault that you did not verify the passbook and did not get the error rectified in the year in which it happened.

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Deal Subedar
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arnabdimer wrote:

Yes in these days everything anywhere banking. Still its a long term process and very big amount after 15yrs, I am living in near Kolkata, then why I should open a special account in chennai?

So, if not possible to my home branch, need to be transferred in Main Kolkata.

LET, If i want to change my residential address in future or any issues, I have to go to branch.

Thats why I my preferring near to my location.

Its very easy to say everything online, you can do online, get online but when real time issues come up, you will realize the harassment, as everyone knows everything can be done through online, they r just telling do it online. but how to do they don’t know, because they never done.

every bank is mandated to inform the branches where PPF accounts can be operated. it is the responsibility of the customer to verify, before opening of the account, that there is a servicable branch of that bank nearby.
Few years back, I opened a SSY account for my daughter. For that, I first checked the bank site to locate an authorised branch which was easily accessible from my residence, went physically there to open the account, and then gave a request to link it to the net banking ID. After that, I have not even once visited that branch and do all transactions online only. But I know that if required, I can visit the branch easily.
It always is a good practice to do proper homework and take a little pain at the initial stages. saves a lot of pain later on.

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@panchabhut you are right🙂

that family was mostly out of Bharat in those years. The account, in the name of some minor, was idling.
Possibly some casual person/s was/were asked by them to keep depositing token (10-15000) amounts to keep the accounts running.

our involvement was only towards the end (when “the fun” started. Running bet. pillar to post).
the account remained with the IPS but only post office was changed.
If anywhere anyone has repeat contacts with staff and some personal friendship or professional relationship is formed, then even .. otherwise busy staff ARE receptive to give time and efforts.
That was the only point.
It’s true of PSUs , pvt sector.
Same banks like icici uti BoM have given us painful experiences in some cases, while helping out a lot in others.

Overall you are right in that PPF doesn’t usually need that much person to person service when CBS (core banking solutions.. online/centralised) are in place.
_
wonder why the comment tagging you, Alpha.Barood, cybertechie, kanz, caanujsingla764, xuseronline, parry, A2Zdeals, marketdimer was deleted 🤔☹
Only after that comment that this topic came up tops (got bumped up) and arnab and others responded.
@rocker123 or someone, should tag these people for their inputs, if any.

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Deal Newbie
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panchabhut wrote:

every bank is mandated to inform the branches where PPF accounts can be operated. it is the responsibility of the customer to verify, before opening of the account, that there is a servicable branch of that bank nearby.
Few years back, I opened a SSY account for my daughter. For that, I first checked the bank site to locate an authorised branch which was easily accessible from my residence, went physically there to open the account, and then gave a request to link it to the net banking ID. After that, I have not even once visited that branch and do all transactions online only. But I know that if required, I can visit the branch easily.
It always is a good practice to do proper homework and take a little pain at the initial stages. saves a lot of pain later on.

Which bank?

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Deal Newbie
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panchabhut wrote:

ICICI

ICICI and HDFC , different bank with far different service and customer satisfaction.
HDFC has done wrong with me, and I am not a new customer of hdfc. I am a privilege customer of hdfc, I have a relationship manager, he is appointed to solve my all problems. But he is not doing anything.
That’s the problem.

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Deal Cadet
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I am using ppf account in SBI for last 7 years…very smooth operations no hiccups. Full online never visitrd branch in 7 years

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Deal Subedar
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arnabdimer wrote:

ICICI and HDFC , different bank with far different service and customer satisfaction.
HDFC has done wrong with me, and I am not a new customer of hdfc. I am a privilege customer of hdfc, I have a relationship manager, he is appointed to solve my all problems. But he is not doing anything.
That’s the problem.

As I see it, the basic reason for your problems is you preferred to open the account “online”, from the comfort of your home, instead of going to the branch to open it.

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