Small Saving Scheme Account Transfer is a process that allows people who have invested in Small Saving Schemes to transfer their accounts from banks to post offices and vice versa. These schemes offer a range of benefits, such as interest without risk, tax exemptions, and other advantages. It is possible to open an account under Small Saving Schemes at both banks and post offices. However, if you wish to transfer your account from a bank to a post office or vice versa, the process is quite simple.
When it comes to transferring a Senior Citizen Savings Scheme account, the process is quite similar. This scheme can be transferred from banks to post offices and vice versa. To do this, you need to visit a bank or post office and fill out a transfer form with your complete address. Along with this, you will need to submit a copy of the passbook and pay a fee of Rs 100 + GST.
Also read: Real Estate Investment Trusts (REITs): A beginner's guide to investing in the real estate market
Another scheme that can be transferred is the Public Provident Fund (PPF) account. The process for transferring a PPF account is the same as the Senior Citizen Savings Scheme. You can transfer the account from a post office to a bank or vice versa. Banks and post offices may charge a fee of Rs 100 + GST for this service.
Lastly, the Sukanya Samriddhi account can also be transferred from a bank to a post office or vice versa. The process is the same as the previous schemes, and it requires the submission of a transfer form, passbook, and address, along with a fee of Rs 100 + GST.
