Transfer PPF from one Bank to another bank

141°
Benevolent
akki.akki

Hello All,

The story is : I am having PPF account in SBI (before netbanking era) and with help of IT branch manager it was visible in my savings account’s netbanking also.
Now suddenly it has disappeared from netbanking. When I visited branch they told that due to CIF merger problem its not visible.

Now I am little worried and do not wish continue my PPF with SBI.


So can someone please suggest :- 

  1. If it is good to transfer PPF from one bank to another ?
  2. What is the process to transfer ?
  3. Which bank should I transfer to ?
  4. Is there any loss of interest amoubt for the fiscal year in which it is transferred ?
  5. Will it impact my PPF age also ?


pray

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Like Magnet Like Magnet
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Mere BOB World app PPF fund transfer ke time 2 PPF ac dikhate h..Bank Branch guys not helping out.What to do?

Benevolent Benevolent
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PPF to ek hi hota hai vese.

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Helpful Helpful
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1. It’s neither good nor bad. If you shift it to a bank with a higher digital adoption in processes,  you may be able to keep track of your PPF, pay subscription online etc.etc. Check which bank has such facilities.

2. Different banks have different processes. Pick the one which suits you best, based on factors such as branch location, ease of digital PPF banking etc.

3. Same as above. Check which banks have branches close to you in case a visit becomes necessary. Choose a bank with good online presence. Amongst private banks, ICICI is good, among public ones, BoB and Canara are OK. You can even transfer to a post office if convenient.

4. No

5. No

Generous Generous
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Take a passbook for SBI PPF and keep getting it updated periodically like your bank account passbook.

This is how I manage my parents’ PPF account info.

Benevolent Benevolent
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yes, I have the soft copy of passbook.

Pro Entertainer Pro Entertainer
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Thank god u haven’t opened with post office laughing.
No need to worry, u are safe with sbi ..chill

Benevolent Benevolent
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I know its safe, but I have the habbit of managing things digitally rolleyes

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Benevolent Benevolent
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You can pay online from any bank using NEFT. You can update passbook from any SBI branch. 

Deal Legend Deal Legend
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Hdfc has a good digital PPF setup

replyuser
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