Name Change in Public Provident Fund (PPF) Account or any bank account in India is not a big deal if you know how to change it. Often people ask how to change name in Bank account or change name in PPF Account? In this article we will discuss the how a customer/ subscriber can change his/her name bank account or in PPF account.
Change of Name due to Marriage:
The Government of India, in consultation with the Reserve Bank of India (RBI) has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and issued a gazette notification in this regard on September 22, 2015. For the purpose of this clause, a document shall be deemed to an “officially valid document” even if there is a change in the name subsequent to its issuance, provided it is supported by a marriage certificate issued by the State Government or a Gazette notification, indicating such a change of name.
For PPF Account: The Ministry of Finance has vide its letter No. F.3(17)-PD/91 dated 30th December, 1982 clarified that as change in the surname of a woman after marriage, is not unusual, there would be no objection to deposit offices acceding to such a request from a female PPF subscriber in the event of her marriage on the basis of documentary evidence/application submitted by her. This may please be brought to the notice of all concerned.
Change of Name due to Adoption of New Name:
If you want to change your name from ABC to PQR you need to follow the following steps:
Make an affidavit before the notary regarding change of your name.
Make a publication at least in two different newspapers (one regional & one national level) regarding the change of your name.
Further, to make everything official, you have to make a Gazette Notification regarding change of your name.
Make a few copies of your name change Gazette Notification, and write a letter to your bank mentioning therein that you have recently changed your name and request them to make the necessary changes to your bank account. Attach the copies of the affidavit, newspaper publication and Gazette Notification to your letter and send it to the bank.
Some bank doesn’t recognize the value of the affidavit, rather they give high importance to the Gazette Notification and thus to you, Gazette notification is almost mandatory.
Rectification of Name due to spelling mistake:
If you have any spelling errors in your bank account, you can rectify it by making an affidavit before the notary. Before approaching bank for rectification, try to rectify RBI notified officially valid documents ex. Voter ID/ PAN Card/ Aadhar Card & Passport and then approach the bank authorities to make the necessary modifications.
Guidelines for Accounts office:
When a depositor changes his name, e.g. on adoption or otherwise or in the case of female depositor, on marriage, the depositor should be required to intimate the fact in writing to the account office and produce the pass book of the account.
The intimation should bear the depositor’s signature with the old as well as with the new name, and the depositor should also be required to sign a fresh application form with the new name. The depositor’s signature as written with the old name on the intimation should be compared with the specimen on record. The depositor’s new name should be written clearly in red ink in the pass book and the ledger card above the entry of the old name which should be penned through in such a manner as to leave it still legible.
The corrections in the ledger card and the pass book should be supported by the entry “Vide depositor’s intimation dated _____” which should be initialed and dated by the Postmaster. The pass book should then be returned to the depositor. The number of the account should be written at the top of the intimation which together with the old application card/form should be kept in a guard file.