NEW DELHI: Customers of Post Office savings bank account can now open and close their public provident fund (PPF) accounts through the internet banking ervice of the Department of Posts (DOP).
The online opening and closure of the PPF have been introduced in DOP Internet Banking from August 30, an official announcement said.
The “General Services” tab of the DOP Internet Banking contains the open for opening and closing the PPF accounts. Here is the method:
1. Sign in to DOP Internet Banking using the login credentials and head to the ‘General Services’ section.
2. Click on the ‘Service Requests’ option and then select ‘New Requests’
3. Under the PPF account section, click on ‘Open a PPF Account’
4. Make an initial deposit of ₹500 and above in multiple of ₹50 upto ₹1,50,000/-.
5. Select PO Saving Account from which the money will be debited and click on ‘Click Here’ to read and accept the terms and conditions.
7. Submit the application and then you can view and download the deposit receipt.
As per the guidelines set by the Department of Posts “PPF Account will be opened in the name of DOP Internet Banking user and nominee will be same as registered in linked PO Savings Account. You can login again to view the details of PPF Account opened under ‘Accounts’ section.”
For closing a PPF account online, click on ‘New Requests” in the “Service Requests” section. You can view or download the closure report.
According to the guidelines made by the DoP, only matured accounts can be closed using the online option, and since premature closure is permitted only in certain circumstances, PPF account holders should submit the account closure form, their passbooks, and any other pertinent documents to the concerned post office.
The interest rates on the various small-savings schemes have been maintained unchanged by the government for the second quarter ending September 30. As a result, PPF will still provide an interest rate of 7.1% yearly compounded.
