Saving Account Freeze: If you also invest money in small savings schemes like Sukanya Samriddhi Yojana, Public Provident Fund, National Savings Scheme and Senior Citizen Savings Scheme, then be careful.
A recent information released by the Postal Department has stated that if you make a mistake, then all these accounts will be frozen.
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If you also invest money in small savings schemes like Sukanya Samriddhi Yojana, Public Provident Fund, National Savings Scheme and Senior Citizen Savings Scheme, then be careful. A recent information released by the Postal Department has stated that if you make a mistake, all these accounts will be frozen. After this, you will not be able to withdraw your money nor will you be able to do any transaction from that account. What kind of rule is this and if the account is frozen, how to reactivate it, the Postal Department has also given information about this.
The information released by the Department of Posts has stated that such accounts opened under small savings schemes which have not been extended even after 3 years of their maturity. This means that if three years have passed since the maturity of these accounts and these accounts have not been extended for reinvestment or money has not been withdrawn from them or these accounts have not been closed, then the department will freeze such accounts. After this, the account holder will not be able to withdraw money from it even if he wants.
Why was such a step taken?
The Postal Department says that even after the maturity, scammers keep an eye on accounts without any transactions for a long time. This step is being taken to protect these accounts so that illegal withdrawals cannot be made from frozen accounts. The department said that this process will now be implemented twice every year so that the hard-earned money of investors can be protected. In such a situation, investors of small savings schemes should also remember that within 3 years of maturity, either withdraw your money or reinvest.
Which accounts are under scrutiny…
The Postal Department is keeping a close eye on accounts that are opened under small savings schemes. These include accounts like PPF, Sukanya Yojana, NSC, RD, Fixed Deposit, Monthly Income Scheme, Kisan Vikas Patra, Senior Citizen Savings Scheme. Once these accounts are frozen, their account holders will neither be able to withdraw money from them nor transfer it online. This means that there will be a complete ban on any kind of transaction.
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