A Public Provident Fund or
PPF account can be opened with a post office or a bank that accepts them. Those
who hold post office PPF accounts find it convenient to operate them from the
post office closest to them. When the subscriber moves to a new address, he can
shift the PPF account to a nearby post office for ease of operation. Here's how
it's done.
Form
The PPF account holder
is required to fill up Form SB 10(b), which is an application for the transfer
of an account to another post office. The form can be downloaded from the India
Post website.
Details
The application must be
addressed to the old post office and furnished with account number, balance in
the passbook and name of the new post office. The application must be signed by
the account holder and should also provide three specimen signatures.
Documents
The original PPF passbook
must be attached with the form to complete the application.
Submission
The documents need to be
submitted to the old post office. On submission, the postmaster will
countersign the specimen signature, verify the passbook balances and sign the
form confirming that the application is in order, and return the original
passbook to the account holder. The account will then be closed and an
application with a demand draft for the account balance sent to the new post
office.
New post office
After this, the account
holder must approach the new post office. Once the new post office receives the
documents, an account will be opened in its books and a new passbook issued to
the account holder.
Points to note
·
It is important to update the PPF passbook before submitting the
application for shifting the account.
·
After shifting, the account holder should check if the balance is
correctly transferred to the new post office. Otherwise, the issue must be
raised.
