OPEN APP
Home >Money >Personal Finance >PPF, Senior Citizen Savings Scheme account opening made easier: 5 updates

The government has extended small savings schemes such as Public Provident Fund (PPF), Monthly Income Scheme (Post office MIS), National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and Senior Citizen Savings Scheme (SCSS) up to the branch post office level. This will help 1.31 lakh branch post functioning in the rural areas to offer such schemes.

These branch level post offices had been offering providing Post Office Savings Account, Recurring Deposit, Time Deposit and Sukanya Samriddhi Account schemes till now.

"People living in villages will now be able to get the same Post Office Savings Bank facilities which people in urban areas have been availing. They will be able to deposit their savings into these popular schemes through the post office in their village itself," the government said in a statement.

But till the necessary modification in necessary IT systems, India Post has come up with some guidelines for account opening by rural customers in these schemes at branch post offices.

1) Opening of PPF, Senior Citizen Savings Scheme and other schemes accounts and subsequent deposits can be done at branch post offices through cheque only.

2) The monthly/quarterly interest of Post Office MIS and Senior Citizen Savings Scheme accounts will be paid through the customer's post office savings account only.

3) In case of loan or withdrawal in PPF account, through the customer's post office savings account only.

4) In case, form 15G/15H is submitted by Senior Citizen Savings Scheme depositor at branch post office, the post office will send it to respective account office duly.

5) The account Office will ensure updation of Form l5G/15H .

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout