PPF, Sukanya Samriddhi deposit, account opening eased for branch post offices

Posted by

The Department of Posts has made it easier for people in rural areas to open and make deposits in Public Provident Fund (PPF), Sukanya Samriddhi Account and other postal savings schemes. Department of Posts in a communication said that it has been receiving various references to allow subsequent deposit/opening of account through withdrawal form(SB-7) as many depositors in GDS (Gramin Dak Sevak) branch post offices does not have cheque facility in their post office savings account.

The Department of Posts has decided to allow has decided to allow acceptance of withdrawal form along with savings book passbook for subsequent deposit and opening of new accounts in GDS branch post Offices.

The postal department had earlier extended government small saving schemes like PPF, NSC, etc up to the branch post office level. In rural areas, there are 1.31 lakh branch post offices.

The postal department in a communication said that for subsequent deposits in savings book/recurring deposit/Sukanya Samriddhi Account/public provident fund, it has allowed subsequent deposit up to ₹5,000 account through withdrawal form (SB-7) at GDS Branch Post Office. This same rule is applicable for opening of new PPF account with up to ₹5,000 through withdrawal form.

For subsequent deposit above ₹5000, the depositor should submit withdrawal form (SB-7) along with post office savings book passbook and pay-in-slip along with passbook of SB/RD/SSA or PPF account (for all subsequent deposits).

The GDS branch post master will check withdrawal form and pay-in-slip and with passbooks and check that withdrawal form and pay-in-slip are complete in all respect.

On receipt of passbooks from Account office, GDS Branch Post office will hand over the passbooks to the depositor after updating details.

Source:- livemint