PPF account transfer experience
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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
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Better migrate to SBI
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.
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.
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.
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.
@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.
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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.
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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It seems no dimer has tried this yet..