How to transfer post office investmentsThere are many times when you might relocate to another area within a city or to another city or town. If you have investments in your nearest post office, you might want to transfer them to the post office branch near your residence. Here’s how to do that.

What to do?

You have to get Form SB 10(b) available with your post office or you can download it online from the India Post website. This form is used for transferring your post office accounts from one post office to another. You can submit the application form to either the transferor or transferee post office. Transferor post office is the post office where you have the investments and transferee post office is the post office to which you want to transfer your investments.

If you submitted the application to the transferor post office, they will send it to the transferee post office after verifying your details. The general procedure for transfer is you need to submit Form SB 10 (b) with details of your account number, investment balance, post office branch information and other such details. Some post offices might also accept a request for transfer that is written on paper.

You have to submit the form along with your post office account passbook. The postal assistant at the post office counter would take the form and give you an acknowledgement slip. Once you submit the form and passbook, the Assistant Post Master of the transferor post office will verify the form and passbook and sends it to Savings Bank Control Organization branch for your region.

The control organisation is an audit unit that verifies all post office transactions. The supervisor at the control organisation would send the passbook to the transferee post office after checking the form and passbook. The form and passbook will once again be verified by the Assistant Post Master of the transferee post office. The postal assistant at the transferee post office will collect it from the Post Master. After this, you can give the acknowledgement slip and collect your passbook. Your post office investments would have got transferred.

How long will it take?

This transfer process usually takes about 20 days. However, unless you keep following up it might take longer than that. Sometimes the passbook might get lost in transit. If you don’t have the passbook, you might not be able to deposit money in your post office account.  There are some steps you can take to avoid these hassles.

The best way is to approach the transferee post office and request them to get the account transferred. This way following up will be easy as the post office will be close by. Visiting the transferor post office once you relocate might be tough.   

If you have any issues with transferring your post office savings, remember that all complaints need to be lodged within 60 days of submitting the transfer form. Keep a scanned copy and photocopy of your passbook before you submit it.  This can be used while filing complaints. In case you have any grievances, you could lodge a complaint online on the India Post website (http://www.indiapost.gov.in/ccc/PCData.aspx). You will receive an instant acknowledgement.

According to the Citizens Charter of the Department of Posts, all complaints need to be settled within 60-90 days of receiving the complaint. In case this is not done, write to the postal assistant at the head PO of your region. You can also write to the supervisor at the control organisation in your region.

You could post your complaints on Facebook – https://www.facebook.com/PostOffice.IN/. You can send them a message with all the details. Email, telephone and fax numbers of all relevant authorities are available on the India Post website.

Author
Staff Writer

This article is written by RupeeIQ editorial staff.