Public Provident Fund - PPF account transfer not done

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If your PPF account money has not been transferred to you, raise your complaint via Resolver to inquire into the matter.

 

A PPF account can be opened at any post office or bank’s branch. You can transfer your PPF account for relocating to another city or to avail better PPF services.

  • You need to visit your current bank/post office and submit a PPF transfer request via Resolver.
  • Upon receiving your request, the provider will begin the discontinuation process and give you the original documents directly to the requested bank/ post office’s branch.
  • For a bank to send transfers, a savings account has to be started with a new bank while requesting the opening of a PPF account.
  • After the completion of your PPF account’s transfer, your new account would carry a new PPF number but will be considered as a continuing account and not a  new account.
You should know

As per the Reserve bank of India, you have the following rights:

  • Right to Fair Treatment: the Customer cannot be treated unfairly on the grounds of gender, age, religion, caste and physical ability. You are entitled to be treated fairly with courtesy when offering and delivering financial products.
  • Right to Transparency, Fair and Honest Dealing: the contract/agreement between you and The financial services provider should be well communicated, transparent and easily understandable. All the relevant terms and conditions must be clearly disclosed. you must not be threatened, or subjected to physical harm, exert undue influence, or engage in blatant harassment, by the financial service provider.
  • Right to Suitability: The products offered to you must appropriately meet your needs.
  • Right to Privacy: Your personal information must be kept confidential, unless otherwise specified, your consent is of utmost while sharing your information.
  • Right to Grievance Redress and Compensation: You are entitled to hold the financial service provider legally liable in case you face an issue.

If you face an issue with the financial service provider, you must:

  • Lodge the complaint in writing (online/offline) at the consumer care department of the concerned branch of your bank. Include all the important details and documents to support your complaint.
  • If you do not receive a satisfactory reply, or if there's no response from the branch within a reasonable time- you may approach the Regional or Zonal manager of the bank who will invoke an internal enquiry into your matter. Or chief grievance redressal officer. Also, The Bank Manager is obliged to address your complaint within 30 days.
  • You may also take help of the appointed Regional Nodal Officers and the Chief Nodal Officer who are responsible to ensure that the complaint is resolved on behalf of the Bank.
  • If still not resolved, you may then approach the Banking Ombudsman, as appointed by RBI.
  • If you are still not satisfied, you may file an appeal with the Appellate Authority against the decision of the Banking Ombudsman within 30 days.
  • The Award by the Ombudsman is not binding on the Non-Banking Financial Company (NBFC) or the complainant as they have the right to appeal against the decision of the Ombudsman before the Appellate Authority. In case the NBFC doesn't comply with the directions, you can approach the RBI directly.
  • Further, you may also take a long route by taking the bank to the Consumer Court.

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