ravinddra Nath
KF Ace
Hello,
Can anyone share with me information about hdfc PPF Account Transfer to PNB bank ?
Can anyone share with me information about hdfc PPF Account Transfer to PNB bank ?
PPF account transfer
- Thread starter ravinddra Nath
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- ppf account transfer
Jhanvi singh
KF Rookie
Yes, you can transfer a Public Provident Fund (PPF) account from HDFC Bank to another bank, including PNB, without any additional charges. You can also transfer a PPF account between branches of the same bank, or from a bank to a post office and vice versa. However, you cannot transfer a PPF account from one person to another.
Here are some things to know about PPF accounts:
PPF is a long-term investment scheme with a 15-year lock-in period.
The minimum investment amount is ₹500, and the maximum investment amount is ₹1.5 lakh in a financial year.
You can make partial withdrawals after seven years.
PPF is a tax-free investment that offers high returns and is considered risk-free.
You can earn an interest rate of 7.1 percent per annum.
You receive your interest payment annually on March 31st.
You can take a loan in the third and sixth years.
You can open a PPF account online at HDFC Bank.
Here are some things to know about PPF accounts:
PPF is a long-term investment scheme with a 15-year lock-in period.
The minimum investment amount is ₹500, and the maximum investment amount is ₹1.5 lakh in a financial year.
You can make partial withdrawals after seven years.
PPF is a tax-free investment that offers high returns and is considered risk-free.
You can earn an interest rate of 7.1 percent per annum.
You receive your interest payment annually on March 31st.
You can take a loan in the third and sixth years.
You can open a PPF account online at HDFC Bank.
ravinddra Nath
KF Ace
Thank you for reply but please explain how to transfer what is the exactly process
You can Visit the Branch with written application to transfer your PPF account to other bank.Mention details of branch in which yoy wish to transfer your account.Fill PPF Transfer form along with Passbook of PPF account should be attached.Now visit to PNB open a account there if you dont have account and make a application to link your PPF account to that account.
ravinddra Nath
KF Ace
I went to the HDFC home branch and spoke with the inquiry desk. They informed me that they have no idea how to transfer a PPF account and that it would take two to three days to check the process. If the bank employees don't know how to transfer a PPF account, then how can it be done? If anyone has complete information, please share it with me.
talk2rik
KF Ace
THEY ARE LYING.
I don't know why banks are not very fond of transferring PPF accounts to other banks. One of my friends tried to transfer hers from the Union Bank of India to the State Bank of India, but the bank employee didn't want to do the transfer. The employee tried to 'teach' that there was no reason to transfer at all. However, as my friend is a woman, her PPF account was finally transferred when she warned the bank manager about his employee's behavior.
I tried to transfer mine too from the Central Bank of India to the State Bank of India, but the manager herself began to showcase her knowledge about not transferring and all. I got frustrated and left the place.
I think you should talk to the Branch Manager and clearly warn him about the staff's behavior. Do not keep calm and tell him that you will complain to RBI both by email and X posts. All banks know how to transfer a PPF Account. You can also contact the bank where you want your PPF Account to be. They may tell you what to do. They'll welcome a new PPF Account for sure.
Let me tell you, the former bank cannot transfer the PPF Account to another bank. Instead, the rule is to close the former PPF Account and send all your information to the bank you want to open another PPF Account. The interest amount will be credited to your savings account with the former bank and a fresh PPF Account will be opened in your desired bank. That's it. That's why I'm assuring you that your desired bank will love to have a fresh PPF Account.
I don't know why banks are not very fond of transferring PPF accounts to other banks. One of my friends tried to transfer hers from the Union Bank of India to the State Bank of India, but the bank employee didn't want to do the transfer. The employee tried to 'teach' that there was no reason to transfer at all. However, as my friend is a woman, her PPF account was finally transferred when she warned the bank manager about his employee's behavior.
I tried to transfer mine too from the Central Bank of India to the State Bank of India, but the manager herself began to showcase her knowledge about not transferring and all. I got frustrated and left the place.
I think you should talk to the Branch Manager and clearly warn him about the staff's behavior. Do not keep calm and tell him that you will complain to RBI both by email and X posts. All banks know how to transfer a PPF Account. You can also contact the bank where you want your PPF Account to be. They may tell you what to do. They'll welcome a new PPF Account for sure.
Let me tell you, the former bank cannot transfer the PPF Account to another bank. Instead, the rule is to close the former PPF Account and send all your information to the bank you want to open another PPF Account. The interest amount will be credited to your savings account with the former bank and a fresh PPF Account will be opened in your desired bank. That's it. That's why I'm assuring you that your desired bank will love to have a fresh PPF Account.
ravinddra Nath
KF Ace
If I do not transfer ppf account and deposit cash yearly into my PPF account, and my savings account is in another bank, will there be any issue with the maturity of the PPF in HDFC Bank while the savings account is with a different bank? I am asking this question because transferring a PPF account can be quite a hassle.
talk2rik
KF Ace
The Public Provident Fund (PPF) account has a minimum tenure of 15 years. So, in the next few years, you cannot completely close your PPF Account anyway. Why are you feeling the hassle in it? If you want to transfer, make the transfer anyhow. That's your right. You're not a slave of the bank. I guess, your presence in the bank generates money for them. Use your power.
But, if you still want to know the bridge between the PPF Account and the Saving Account, I was told to have both accounts in the same bank for smoother delivery.
But, if you still want to know the bridge between the PPF Account and the Saving Account, I was told to have both accounts in the same bank for smoother delivery.
Mr.Christmas
KF Expert
Kisiko UAN numbers ko Merge kaise karte hai pata hai?
