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

The Department of Posts has made it easier for people in rural areas to open and deposit deposits in the Public Provident Fund (PPF), the Sukanya Samriddhi Account, and other postal savings schemes. Department of Posts in a communication that it has been receiving several references to allow the subsequent deposit/opening of the account through a withdrawal form (SB-7), as many depositors at the GDS Post Offices (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 the acceptance of the withdrawal form together with the savings account book for subsequent deposits and the opening of new accounts in the GDS branch post Offices.

The postal administration had earlier extended government savings plans like PPF, NSC, etc. at the post office level. In rural areas, there are 1.31 lakh branch post offices.

The postal department in communication said that for subsequent deposits in the savings book/recurring deposit/Sukanya Samriddhi Account/public provident fund, it has allowed subsequent deposits of up to ₹5,000 into account via withdrawal form (SB- 7) at the GDS post office branch. The same rule applies to open a new PPF account with up to ₹5,000 through withdrawal form.

For a subsequent deposit of more than ₹5000, the depositor must submit a withdrawal form (SB-7) along with a post office savings account book and pay on a voucher along with passbook of SB/RD/SSA or PPF account (for all subsequent deposits).

The GDS branch postmaster will verify the withdrawal form and the payment receipt and with the account books and will verify that the withdrawal form and the payment receipt are complete in all respects.

Upon receipt of the account books from the accounting office, the GDS branch post office will deliver the account books to the depositor after updating the details.

Source: Livemint

Also Read: Paytm launches its own mini-app store