SB Order 31/2021 -Standard Operating Procedure (SOP) for dealing with cases of amalgamation of PPF accounts
SB Order No. 31/2021
F. No. FS'32/1/2021'FS'DOP
Govt. oflndia Ministry of Communications Department of Poete (F.s. Division)
Dak Bhawan, New Delhi'l10001
Dated: 18.10.2021
To
All Heads of Circles / Regione
Subject: Standard Operating Procedure (SOP) for dealing with cases of amalgamation of PPF Accounts - Reg.
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Madam / Sir,
Whenever any depositor has opened more than one PPF Accounts, the second and subsequent accounts opened are treated as irregular, as an individual can open only one single account under PPF Scheme.
2. In such cases, considering the requests of the .PPF subscribers, Department of Economic Affairs, Ministry of Finance regularizes such irregular accounts/deposits by amalgamating more than one PPF accountg into one account, in relaxation of rules.
3. On receipt of the concurrence of Ministry of Finance for amalgamation of more than one PPF accounts, which were opened irregularly, the Post Offrces shall follow the Standard Operating Procedure which is attached herewith, for amalgamation of accounts.
4. If there is any outstanding loan in any of the PPF account to be merged, the depositor shall be requested to repay the entire outstanding loan amount along with the interest. That is, if there is any PPF loan account, it should be closed before the amalgamation of accounts is done.
5. During the process of amalgamation, the interest calculation is required to be done manually by the Head Post Offices. The interest calculation shall be done by the Post OfEce Counter Officials and verifred and authorized by Supervisor / In'Charge, SBCO.
6. This is issued with the approval of Competent Authority.
Encl: Standard Operating Procedure
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