Regarding introduction of the online account opening and closure through DOP Internet Banking for Public Provident Fund (PPF) Accounts

 Regarding introduction of the online account opening and closure through DOP Internet Banking for Public Provident Fund (PPF) Accounts

Public Provident Fund (PPF) Accounts – Online account opening and closure through DOP Internet Banking, Department of Posts has introduced the facility vide SB Order No. 14/2022

SB Order No. 14/2022

F. No. FS-13/7/2020-FS

Government of India

Ministry of Communications

Department of Posts

(FS Division)

Dak Bhawan, New Delhi-110001

Dated: 30.08.2022

To,

All Head of Circles / Regions

Subject: – Regarding introduction of the online account opening and closure through DOP Internet Banking for Public Provident Fund (PPF) Accounts.

Madam / Sir,

In line with providing more digital transaction facilities to POSB customers, the undersigned is directed to say that online account opening and closure for Public Provident Fund (PPF) have been introduced in DOP Internet Banking. Now DOP Internet Banking users can open and close their PPF account online. For more details kindly read FAQ available at link https://ebanking.indiapost.gov.in

2. The option for opening and closing of Public Provident Fund (PPF) account is available under the ‘General Services’ tab of DOP Internet Banking. Internet Banking user should follow the below prescribed procedure for opening and closure of PPF account: –

(a) Procedure for opening of PPF Account: –

Login into DOP Internet Banking

‘General Services’

‘Service Requests’

‘New Requests’

PPF Accounts – Open a PPF Account

Deposit Amount (Enter Amount for which PPF account is to be opened minimum ₹500 or above in multiple of ₹ 50 upto ₹ 1,50,000/-

Debit Account (Select linked PO Saving Account)

Click on ‘Click Here’ to read terms and conditions and accept terms and conditions

Submit online

Enter Transaction Password

Submit.

View/Download Deposit Receipt.

Note: – (i) Log in again to view the details of PPF Account opened under ‘Accounts’.

(ii) 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.

(b) Procedure for Closure of PPF Account: –

Login into DOP Internet Banking

‘General Services’

‘Service Requests’

‘New Requests’

Closure of PPF Accounts

Deposit Account (Select PPF Account to be closed)

Credit Account (Select linked PO Saving Account)

Submit online

Enter Transaction Password

Submit.

View/Download Closure Receipt.

Note: – (i) Logout and login again to view the details of PPF Account closed.

(ii) Only matured account can be closed under this option.

(iii) As premature closure is allowed under specific conditions, for premature closure kindly submit account closure form, passbook and relevant documents at Post Office concerned.

3. It is requested to circulate these instructions to all post offices for information and guidance. Adequate promotion of this functionality is to be given for the benefit of POSB customers.

4. Hindi version of this SB order will be issued in due course.

5. This issues with the approval of the competent authority.

Yours Sincerely,

(Devendra Sharma)

Asst. Director (SB-II)