At the start of their career, most people open their PPF accounts in the nearby post offices for the convenience of depositing money. But it becomes difficult for them to visit the same branch again and again after they switch their job or change their residential location.
Thankfully, transferring a PPF account is not difficult these days. If you also want to transfer your PPF account to some other branch of a post office, then you can easily do so by following simple operational work.
By just following a few steps, you can easily change the location of your PPF account from one post office to another.
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Before transferring your PPF account you must carry the following ducuments with you.
1. Filled SB10(b) form
2. Address proof and ID proofs
3. Updated PPF passbook
4. New address of post office
SB 10(b) form
The PPF account holder needs to fill all the details in the SB 10(b) form. The following form is used for transferring your account from one post office to another. In this form, you need to fill the account number, passbook details, current post office address and the new PO address followed by the signature of the concerned person.
(Source Indiapost website)
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Once you have filled the form, that will be cross checked by the postmaster asking you to re-sign the form again. Postmaster will then again confirm the details mentioned in the form and he will also check the balance in the passbook. After the verification is done, the form will be further processed.
The final submission of the form will be held in the same post office. Once all the details are found correct, the account is set for a closer and an application with a demand draft of the balance is then sent to the new post office as mentioned by the certain person.
After completing all the set procedure as confirmed by the previous post office, you need to go to the new post office and once they verify your credentials you will be issued a new passbook where all your previous details will be mentioned.
It is to be noted that a PPF account is opened for 15 years and it should be opened for doing prior savings towards your retirement goal. PPF account also enjoys the E-E-E tax benefit under the section 80C of the I-T Act 1961.