PPF Account Rule: The Postal Department has decided to freeze accounts lying dormant for three years twice a year under the new rules. If action is not taken on time, investors will not be able to access their money…
Post Office Savings Account Security Update: If you have invested in Public Provident Fund (PPF) or any other post office small savings scheme, then this news is very important for you. The Postal Department has implemented a new rule, under which accounts lying dormant for three years will now be frozen twice a year. This step has been taken to protect investors, but if you do not take action on time, you will not be able to access your own money.
According to the new rule of the post office, if an account is not closed or extended for three years after the completion of the term, it will be frozen. This process will now be done twice every year – on January 1 and July 1. Starting from these dates, all such accounts will be frozen within 15 days.
Interest will also stop
If your account is frozen, you will not be able to do any transaction, withdrawal or use any online service. Along with this, interest may also stop, especially if the account has become inactive. Let us tell you that this step has been taken to prevent fraud, so that no one can misuse your old account.
How to reactivate the account?
If your account is frozen, then to reactivate it, first of all you have to go to the nearest post office. After that you have to submit the passbook, KYC documents (Aadhaar, PAN), and account closure form SB-7A. Along with this, a penalty of ₹ 50 per year will also be levied on it.
The rule will be applicable on these schemes
This rule will be applicable not only on PPF but also on many other schemes. These include National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KVP), Monthly Income Scheme (MIS), Time Deposit (TD), Recurring Deposit (RD).
Note-
If your account has completed its term, then close it or extend it within three years, otherwise you will not be able to access your hard earned money. The account can also be frozen if you do not deposit a minimum of ₹500 annually, so regular investment is necessary.
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