Open or Transfer PPF account in any other bank

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What is Public Provident Fund (PPF) account?

PPF account is a long term investment option offered by Government of India.This scheme offers safety with attractive PPF Interest Rate and the returns will be fully exempt from taxes.This is one of the most popular investment option for retirement.And the Indian Government has expanded the PPF schemes from nationalized banks, post offices to major private banks in India.So,PPF scheme is accessible to more people in India & any one can open a Public Provident Fund (PPF)account,but there is a limit like,one person can hold only one Public Provident Fund (PPF) account at a time but yes,there is no restriction on opening an accounts once every 15 years till you survive.It means one person can open a Public Provident Fund (PPF) account after every 15 years.

How to open Public Provident Fund (PPF) account account with HDFC bank.

HDFC is the largest bank for providing PPF scheme to mobilize retirement savings in India.
For opening a Public Provident Fund (PPF) in HDFC BANK you can visit your nearest branch or you can contact HDFC BANK’S call center.

Procedure to open a PPF account in HDFC BANK.

Documents required:

Get yours all the basic documents ready before visiting to the bank branch.
Documents like, ID proof (Any one of the following like Passport, PAN card, Driving license, Voter ID card etc) Address proof(any one of the following like Telephone bill, Ration card, EB bill Aadhar card etc.) & photographs. Carry yours all the above document originals also to the bank branch for quick verification and fast process.

Select the bank branch:

Before opening a Public Provident Fund (PPF) account in HDFC BANK please check the branch which offers PPF facility.

Visit the HDFC branch and ask them for a PPF account opening form.
Then, fill the form given by bank.
And all the submitted documents needs to be self attested.
Then submit all the documents & photographs along with the Public Provident Fund account opening form in the branch.
After that the bank staff will inform you once your account opening process completed.

And Once your Public Provident Fund (PPF) is opened, you will be issued a PPF Account passbook from HDFC branch.

How to transact in your HDFC Public Provident Fund (PPF) account?

After your Public Provident Fund (PPF) account opened in HDFC BANK.
Now you can invest your money in your PPF account by offline and online payments.

HDFC bank offers online fund transfer from the individual’s savings account to their PPF account directly.
And one can also avail the facility like auto-debit or ECS can be set online for making PPF contribution.
And you can also deposit cash in your PPF account by visiting any of the HDFC bank branches.
You need to fill a separate form for auto-debit or ECS form along with your PPF account opening form and mention the amount to be deducted and the time intervals at which this should be deducted.
Minimum deposit of Rs 500 and maximum of Rs 1,50,000 can be deposited in a Year with a maximum of 12 transactions allowed.
You can read about the withdrawal rules over here.

How to transfer your existing Public Provident Fund (PPF) account to HDFC?

Public Provident Fund (PPF) account can be transferred from any post office or from one bank to another bank easily.
You have to follow the following steps to transfer your existing Public Provident Fund (PPF) account from post office or bank to other bank:

You can transfer your Public Provident Fund (PPF ) account from all banks to HDFC bank but you require to submit PPF transfer request in the bank/post office where your PPF account is held.
Then Post office or bank will arrange to send all the Public Provident Fund (PPF) account related original documents to HDFC Bank branch address provided by the customer. PPF related all the documents like, certified copy of the account, nomination form, Cheque etc.
After receiving your Public Provident Fund (PPF) transfer documents by HDFC the bank will inform you about the receipt of documents.Then customer needs to submit fresh PPF account opening form, Nomination form, along with the existing original PPF passbook.

So,These are the above steps to be taken for opening & transferring a Public Provident Fund (PPF) account with HDFC BANK.

The process to open a PPF account in SBI, and other banks is similar.

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View Comments

krishnan says:

March 28, 2018 at 4:16 pm

I had a PPF account with SBI Pondicherry main branch. 647

This account was opened on 10/10/1991 at Chowk Bazar branch Surat.

In 1996 it was transferred to SBI pondicherry

In June 2014, it was transferred to SBI, Madhapur Branch, Hyderabad.Old Pass book submitted at SBI Pondicherry

Now I have requested them to transfer to BOB , Hiteck city branch, Hyderabad and the same has been done and balance amount in the form of DD and other documents have been sent by SBI to BOB.

Now the issue is they are not able to get the account statement from the date of opening account i.e 10/10/91 as requested by BOB which SBI is not able to provide..

Please guide.