Transfer process of PPF, other small savings accounts revised to quicken process | Mint
Active Stocks
Mon Feb 26 2024 10:28:11
  1. Tata Steel share price
  2. 144.15 -0.93%
  1. Power Grid Corporation Of India share price
  2. 287.80 1.98%
  1. ITC share price
  2. 411.20 -0.10%
  1. State Bank Of India share price
  2. 758.55 -0.11%
  1. HDFC Bank share price
  2. 1,424.10 0.23%
Business News/ Money / Personal Finance/  Transfer process of PPF, other small savings accounts revised to quicken process
BackBack

Transfer process of PPF, other small savings accounts revised to quicken process

The Department of Post has decided that the the transfer of account shall be done by the HPO or Head Post Office only

The post office pays an interest rate of 6.9% in its recurring deposit account. Photo: MintPremium
The post office pays an interest rate of 6.9% in its recurring deposit account. Photo: Mint

To quicken up the process of account transfer of small savings schemes, the Department of Post has decided that the the transfer of account shall be done by the HPO or Head Post Office only. Public Provident Fund (PPF), Sukanya Samriddhi Account, Post Office deposits are among the popular small savings schemes.

"This office has been receiving representations from various sections regarding delay during manual transfer of account transfer application to home SOL and amendment amendment/restoration of the provisions for transfer of account in National (Small) Savings Schemes. The issue has been examined in view of delay in account transfer process," Dept of Post said in a circular.

All Department Post Offices are called service outlets (SOL) in core banking solution.

The competent authority has decided to revise account transfer process, India Post said.

"If application for transfer of account along with prescribed documents is presented at SO where the account stands or at other SO, the respective SPM shall send the application along with documents to their respective HO through account bag by entering the list of documents and details of such applications should be entered in a registrar to be maintained in manuscript. After receipt of transfer application at HO, the HO will perform the account transfer process," it said.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
More Less
Published: 19 Nov 2020, 04:01 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App