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 inactive 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.
Add rightsofemployees.com as a Preferred Source
According to the new rules of the post office, if an account is not closed or extended for three years after the expiry 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.
Getting interest will also stop
If your account is frozen, you will not be able to make any transactions, withdrawals or use online services. Along with this, interest may also stop, especially if the account is inactive. Please note 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, to reactivate it, first you have to go to the nearest post office. After that you have to submit the passbook, KYC documents (Aadhaar, PAN), and the account closure form SB-7A. Along with this, a penalty of ₹ 50 per year will also be charged on it.
Rules will be applicable on these schemes
This rule will not only apply to PPF but also to 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 matured, close or extend it within three years, else you will not be able to access your hard-earned money. Failure to deposit a minimum of ₹ 500 annually may also result in the account being frozen, so regular investment is a must.
Add rightsofemployees.com as a Preferred Source
