Can I transfer my PPF account to another bank? (2024)

Can I transfer my PPF account to another bank?

People can transfer their PPF accounts from one bank

to another. They need to fill in the application form in their existing bank to initiate the process of transfer. Once they complete it, they need to provide the necessary details along with supporting documents to transfer their account.

How can I transfer my PPF account to another bank online?

Can we transfer PPF account from SBI to HDFC?

As per the PPF scheme of the Government, subscribers can transfer their PPF account from one authorised bank or Post office to another. In such a case, the PPF account will be considered as a continuing account.

Can PPF account be transferred from SBI to Icici?

PPF account can be transferred from one authorised bank or Post office to another. In such case, the PPF account will be considered as a continuing account. To enable customers to transfer their existing PPF accounts from the other bank/post office to ICICI Bank , following process is to be followed.

Which bank is best for PPF?

State Bank of India (SBI), which is the largest bank in the country, offers the PPF scheme with a good interest rate. SBI has over 15,000 branches in India, therefore, getting access to the scheme is easy.

How many days it will take to transfer PPF account from one bank to another?

How much time does it take to transfer a PPF account from one bank to another after I submit all the documents? After document submission, it would take between one to seven days for the account to be transferred from one bank to another, from the post office to the bank or vice-versa.

Can I have 2 PPF accounts?

No. Only one PPF account can be maintained by an individual, except for an account that is opened on behalf of a minor.

How can I transfer my PPF account from SBI to Axis bank?

How can I transfer my PPF account balance online in SBI?

Transfer your funds via internet banking

You can transfer money into your PPF account. You have to go to the payment section after logging to your internet banking portal. You should then click on 'third payee' and submit details such as your bank IFSC code, PPF account number.

How can I transfer my PPF account from Union Bank to HDFC Bank?

You have to submit a request in the home branch which will then be forwarded to the branch with specimen signatures, nomination form, etc. You also need to submit new KYC documents along with Demand draft or cheque of the remaining PPF balance.

Which is better PPF or FD?

While PPF scores high on long-term wealth accumulation, FD brings flexibility and liquidity to the table, catering to short-term needs. This is because PPF has a minimum investment duration of 15 years while FDs offer far more flexible options.

Is it good to have PPF in ICICI Bank?

There are long-term benefits

This means that your money is secured for a long term and will keep growing for as long as you would want it to. You're eligible to make partial withdrawals 5 years after opening the PPF Account. PPF is a preferred investment vehicle for a carefree retirement.

What is the interest rate of PPF in SBI?

The current SBI PPF Interest Rate is 7.1% PPF Deposits can be made in a lump sum amount or through a maximum of 12 instalments annually. SBI PPF scheme account deposits can be opened either via the online mode (mobile/internet banking) as well as through the offline mode(cheque/cash)

What if I invest 5000 in PPF for 15 years?

If you invest Rs. 5000 in PPF for 15 years at an interest rate of 7.1%, you will get Rs. 1,35,607 at maturity.

Can an NRI open a PPF account?

Yes, an NRI can have a PPF account in India. However, the PPF account must have been opened while the person was still a resident of India. An NRI can only have a PPF account if they opened it as an Indian resident and prior to becoming an NRI.

Is HDFC good for PPF?

Yes, it is completely safe to open your PPF account in HDFC Bank. The bank allows customers to use their online banking account and open a PPF account anytime, 24×7.

How many times PPF can be transferred?

Earlier, the PPF account max deposit was twelve times in one financial year. However, the Government changed this rule in 2019. Now, you can deposit any number of times in one financial year.

Can I deposit 2 times in a month in PPF?

However, per the new PPF rules, there is no restriction on the number of deposits.

How long can you keep a PPF account?

On the contrary, PPF has a fixed tenure of 15 years, providing a stable and long-term savings option. Taxation: PPF provides tax-free returns, while FDs are subject to taxation, including TDS.

Can I deposit 2 lakh in PPF?

One can deposit a maximum of ₹1.50 lakh in one PPF account during a financial year.

Which is better PPF or LIC?

One needs to take their needs into account before investing in either LIC schemes or PPF. Both schemes offer tax benefits and are low-risk. If the motive of the investment is to create some wealth to beat inflation in the long run, the PPF may be a better choice.

Can I deposit 1.5 lakh each in my PPF account and child's account?

As per paragraph 4 of the scheme, an individual can contribute no more than Rs 1.5 lakh to his and the minor child's accounts taken together in a year. So while contributing to your account, you can also contribute to the PPF account of your minor son.

How can I transfer my PPF account to Axis Bank?

Once the application is processed, the existing bank/Post office arrange to send the original documents such as a certified copy of the account, transfer letter, nomination form, specimen signature etc. to Axis Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF ...

Is Axis Bank good for PPF?

Axis Bank offers the customers this long term investment option and provides good returns as well. Furthermore, an Axis Bank PPF account offers you tax benefits under Section 80C of the Income-tax Act and hence acts as a tax-saving instrument.

What happens if PPF is not paid?

If you miss the PPF account minimum annual deposit requirement of Rs. 500 altogether it will lead to account deactivation. In such cases, you can reactivate the account by paying a penalty of Rs. 50 plus Rs.