How to transfer PPF, SSY and SCSS accounts from post office to bank

If the only reason for the switch is online management, you can also manage these post office savings accounts online through India Post Payments Bank (IPPB). However, if you still want to transfer the account from the post office to a bank, that option is also available.

Can PPF, SSA and SCSS accounts be transferred?

Yes. India Post allows PPF, SSA and SCSS accounts to be transferred from a bank to a post office and vice versa.

This means that if you opened one of these accounts at a post office and now want to shift it to a bank, you can use the prescribed transfer process rather than closing the account and opening a fresh one.

How to transfer the account from post office to bank?

The process involves submitting the prescribed documents and paying the applicable transfer fee.

• The account holder needs to submit the prescribed transfer application at the concerned post office.

• The account passbook needs to be submitted along with the transfer application.

• India Post currently lists the prescribed transfer fee as ₹100 plus GST.

• The transfer is then processed between the concerned post office and the bank.

What documents are required?

• The prescribed transfer application

• The passbook

• The prescribed transfer fee of ₹100 plus GST

Any additional documentation required by the receiving bank should be checked with that bank before initiating the transfer.

Can you transfer the account from a bank to a post office?

Yes. The facility works both ways.

So, if you currently hold one of these accounts with a bank but would rather manage it through a post office, you can also use the transfer facility in the other direction.

PPF, Sukanya Samriddhi and SCSS: What are these schemes?

PPF is a long-term savings scheme with a 15-year maturity period, which can be extended in blocks of five years. It is commonly used for long-term savings and retirement planning.

SCSS is designed for senior citizens and offers regular interest income through the scheme's prescribed payout mechanism. It has a five-year maturity period, with an option to extend the account subject to the applicable rules.

The government reviews small-savings interest rates every quarter. For the current quarter, the rates are:

• PPF: 7.1%

• Sukanya Samriddhi Account: 8.2%

• SCSS: 8.2%

The interest rates are subject to revision by the government, so investors should check the applicable rate for the quarter in which they are investing or transferring the account.