Customers of Post Office Savings Bank (POSB) accounts can now open and close Public Provident Fund (PPF) accounts through the Post Office Department’s (DOP) Internet banking service. On August 30, 2022, the department published a memorandum in this regard. The Department of Post Office (DOP) has said in an official circular that “In line with providing more digital transaction facilities to POSB customers, the undersigned is directed to say that the opening and closing of online accounts for the Fund of Public Welfare (PPF) have been introduced in DOP Internet Banking. Now DOP Internet Banking users can open and close their PPF account online.”
The “General Services” tab of DOP Internet Banking, according to DoP, contains the option to open and close a Public Provident Fund (PPF) account. The recommended procedure for opening and closing a PPF account is as follows for POSB clients.
How to open a PPF account online?
1. Log in to DOP Internet Banking with your login credentials and go to the ‘General Services’ section.
2. Click on the ‘Service Requests’ option and then select ‘New Requests’
3. In the PPF account section, click ‘Open a PPF account’
4. Make an initial deposit of $500 and more in multiples of $50 up $1,50,000/-.
5. Select the PO Savings Account from which the money will be withdrawn and click ‘Click here’ to read and accept the terms and conditions.
6. Click ‘Submit Online’ and enter the transaction password.
7. Submit the application and then you will be able to view and download the deposit slip.
According to the guidelines established by the Post Office Department, “The PPF account will be opened in the name of the DOP Internet Banking user and the applicant will be the same registered in the linked PO Savings Account. You can log in again to view the details of the open PPF account in the “Accounts” section.
How to close a PPF account online?
1. Log in to DOP Internet Banking and go to the ‘General Services’ section.
2. In the ‘Service Requests’ section, click on ‘New Requests’
3. Select the ‘PPF Account Closure’ option and select the PPF account to close.
4. Select your PO Savings Account as the credit account and click ‘Submit Online’.
5. Enter the transaction password and submit the online request.
6. Upon successful submission of the application, you can view or download the closing receipt.
In accordance with the guidelines established by the DoP, only past due accounts can be closed using the online option, and since early closing is only allowed under certain circumstances, PPF account holders must submit the account closure form, their booklets and any other pertinent document to the corresponding post office.
The government has left interest rates on various small savings plans unchanged for the second quarter ending September 30. As a result, PPF will continue to provide an interest rate of 7.1% compounded annually.
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