How to shift PPF account from Post Office to SBI

How to shift PPF account from Post Office to SBI

PPF (Public Provident Fund) is the great way of saving which allows tax benefits. It is a long term investment plan which offers the attractive return (around 8% per annum) and returns are with tax exemption. PPF scheme is offered by Nationalised banks and the Post Office. You can have only one PPF account, in case you open the other PPF account then you have to disclose the previous PPF accounts detail. The total yearly investment is 1,50,000/- in PPF account.

If you have opened a PPF account in post office then you will not have the advantage of transferring online cash to your account, also you can not check your account online any point of time. For depositing the money in your account, you have to visit the Post Office every time. You will found the post offices are mostly crowded due to the other facility they provide. Either you can find an agent for you who will charge nominal fees for every time you do a transaction or updating your passbook. To keeping your passbook updated is also necessary.

I opened my PPF account in post office just because i went to SBI bank where i was having my saving account. They did not gave me any satisfactory answer and every time taking leave from office and requesting the bank to open the account was difficult, then one of my friend suggested me that i should open PPF account in Post Office which offers the same rate of interest, i did not checked the other facility which i mentioned above. When i visited the post office, it was fully crowded and was difficult to get my work done. There was a middle aged lady who helped me, but later i found that she was the agent, i appreciate that she was helping me without introducing herself, she was really kind and when i came to know that she is an authourized agent, asked her to help me and i was ready to pay her charges, even then she asked me to do it by myself, but when i insisted, she was agreed and she did all the necessary procedures and finally my account was opened.

From here the problem started as the Post Office was about 10 kms and i was not able to go there easily, also it needs all day for just making the payment or updating the pass book. Finally i decided to open the account again in SBI, Then i read an article that i can transfer the account from Post Office to Bank.

I went to the Post Office and asked them if i can transfer the account, the staff of the Post Office was very helpful and they gave me all the details for transfer, then i went to the bank and they said that it is not possible to transfer account from Post Office to Bank.Then i asked them to check with their manager, instead asking they simply refused. Then i went to the branch manager and he was agreed to accept the transfer.

Step - 1
Then i went again to the Post Office and filled the form and deposited my pass book, they said that they will send the transfer with in 15 days after adjusting the interest. And they said i have to check with the bank after 15 days.

Step - 2
After 1 month, i went to the bank and after so much of trouble i came to know that my documents have not reached. They said that the Post Office staff is not good and they always delay. They convinced me and i came back and decided to wait for some more time.

Step - 3
I again went after one month as it was difficult to go regular, and received the same reply, then i decided to wait for little longer.

Step - 4

After almost 4 months i decided to meet the Post Office people to know the status, infact i was slightly angry on them, but when i went they were again very cooperative and they asked me to meet the Post Master, who entertained me and showed the evidence that the documents was accepted by bankon the 15th day of my submitting the form with Post Office.

Step - 5
When i went to the bank they gave me the same reply, but this time i told them that it was accpted by the bank, then i went to the branch manager, and after orders of the BM, staff checked the details and found that the documents were well received by the bank staff who takes care of the PPF account, his excuse was that he forgot after keeping the papers in his drawer. After that he gave me all the forms and asked me to bring photos and other documents.

Step - 5
When i went again after 1 week with all the documnets, he checked and asked me to wait for another week.

Step - 7
After 1 week when i went to the bank, staff told me that the cheque given by Post Office is expired as it was valid only for 3 month and during all the process, duration of the cheque got over. I was very angry and the bank wants me to resolve it by myself with the Post Office.

Step - 8
When i went to the Post Office, and after knowing all the details from me, they were agreed to give me new cheque, for which they gave me 10 days time, also they gave me one form to fill and took a handwritten application mentioning the reason of asking the new cheque. But i must admit that i got new cheque exactly after 10 days.

Step - 9
I went to bank and submitted the cheque, and then bank staff asked me to wait and it took almost full day to complet the procedure. But finally my account was opened.

Step - 10
Now i was able to tranfer money from my account and i dont have to visit the bank.