People who have invested in Small Savings Schemes can transfer their accounts from banks to post offices and back again through the Small Savings Scheme Account Transfer process. These plans provide a variety of advantages, including risk-free interest and tax exemptions.
Small Savings Schemes accounts can be opened at both banks and post offices. However, the procedure for transferring your account from a bank to a post office or the other way around is fairly straightforward.
The procedure for transferring an account with the Senior Citizen Savings Scheme is very similar. Banks and post offices can use this scheme, and vice versa. Visit a bank or post office and fill out a transfer form with your complete address to accomplish this. In addition, you will be required to pay a fee of Rs 100 plus GST and submit a copy of the passbook.
The Public Provident Fund (PPF) account is another transferable scheme. The Senior Citizen Savings Scheme’s transfer procedure is the same for PPF accounts. The account can be transferred from a post office to a bank or the other way around. For this service, banks and post offices may charge Rs 100 plus GST.
Last but not least, the Sukanya Samriddhi account can be shifted from a bank to a post office or the other way around. The procedure is the same as for the previous plans, and it involves paying a fee of Rs 100 plus GST in addition to submitting a transfer form, a passbook, and an address.
