Procedures for transferring from Post Office accounts to the banks
Posted on: 14/Mar/2017 6:06:05 PM
Though the Post Office Savings Schemes are attractive, it is rather cumbersome to open an account in Postal department Savings as the latest modern facilities such as investment or transactions online through the internet.
There are certain saving schemes which can be transferred from the Postal Department to the banks. For example, Sukanya Samruthi Account (SSA) or Public Provident Fund (PPF) accounts can be transferred from Post Office to banks.
The procedure
You can transfer the very same account that you have kept in the Post Office to a bank. For transferring the above mentioned 2 schemes to the bank from the Post Office, you have to submit an application to the Post Office. You have to mention the name of the bank and the details of the savings account in the bank.
For transferring PPF account from Post Office to the bank, you need to fill up the form SP-10(B) and submit. Also, you have to surrender the passbooks of the SSA or PPF accounts to the Post Office. Please take care to take a Xerox copy of your account passbooks.
After completing all above activities, the Post Office will commence the transfer work. They will send all the relevant documents to the bank. Once these reach the bank, you have to complete the procedure opening a new account. First, you have to submit the application form for opening a savings account, fill it up, and submit to the bank.
With the application form, you have to attach address proof, ID proof, and photographs. For SSA, you have to submit the birth certificate of your daughter. Once all these are submitted, a new account can be started immediately. The bank will issue the passbooks.
Why transfer?
Once you transfer the SSA or PPF accounts to the bank, it is easier to carry out transactions online. You can make your payments online. However, if you give a cheque to the Post office, it will take a lot of time for the transfer to materialize. Also, you can take all monthly status report online from the bank.
And another important point – you need not have bank savings account to transfer your SSA or PPF account in the Post Office. In case all your saving accounts are in one branch, it would be simpler and easier to carry out transactions.
The time taken for transfer from Post Office to Bank will depend upon how fast the Post Office Staff complete the procedures. You may need to visit the Post Office 2 or 3 times. Similarly, you may need to visit the bank a few times. However, once the transfer is done, you can undertake all your transaction activities online.
