You can opt to transfer funds digitally once you add the account.Log in to net banking and add your PPF account number and IFSC code.The process is the same as adding any third-party payee.To make it easier to invest in your PPF account regularly, you can also link your Savings Account to it. Axis Bank will then issue you a new passbook. You will have to submit a new account opening form along with all your KYC documents. The Axis Bank branch will inform you once they get all these documents.PPF Transfer request letter submitted by customer and acknowledgment of Bank.A cheque or demand draft of the outstanding balance.Original Account opening application form.The bank will then close your PPF account in its system and send some documents to the Axis Bank branch.Submit your old passbook with the bank.The application should mention the full address of the Axis Bank branch where you want to transfer the account. Visit the branch of your existing bank with your PPF passbook and apply for the transfer.The process is simple, though it can take a couple So you have to transfer your PPF account from your previous bank to Axis Bank. So, should you transfer your PPF account or open a new one? Let us understand in detail.Īn individual cannot have more than one PPF account. Original bank does not offer this facility. You have zeroed in on Axis Bank since it offers you the option to open a PPF account and invest online every month. Since you started earning you continued the same account and contributed towards it for your tax-savings investments. Let us assume your parents opened a Public Provident Fund (PPF) account for you as a minor. It is also possible for parents to open a PPF account in the names of their minor children and claim tax exemption on the deposits. After the lock-in period, you can extend it in blocks of 5 years.

The PPF has a lock-in period of 15 years. If you are yet to do your tax-saving investments for this year, invest in PPF now. This means that all deposits made, the returnsĮarned, and the corpus when withdrawn are tax-free. It is immensely popular with investors because it falls under the EEE (exempt-exempt-exempt) tax category. Public Provident Fund (PPF) is an investment scheme sponsored by the Government of India. Pradhan Mantri Jeevan Jyoti Bima Yojana.Commercial Vehicle & Construction Equipment Loan.

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