The Postal Department has made it simpler for individuals living in rural areas to open and make deposits in Public Provident Fund (PPF), Sukanya Samriddhi Account, and other postal investment funds plans. Department of Posts in a correspondence said that it has been accepting different references to permit subsequent deposit/opening of account through withdrawal form (SB-7) as many depositors in GDS (Gramin Dak Sevak) branch post offices don’t have cheque facility in their post office savings account.
The Department of Posts has chosen to permit acceptance of the withdrawal form along with a savings book passbook for the subsequent deposit and opening of new accounts in the GDS branch post offices. The postal division had earlier extended government small saving plans like PPF, NSC, and so on up to the branch post office level. In rural areas, there are 1.31 lakh branch post offices. The postal division in a correspondence said that for subsequent deposits in savings book/recurring deposit/Sukanya Samriddhi Account/Public Provident Fund, it has permitted subsequent deposit up to Rs.5,000 account through withdrawal form (SB-7) at GDS Branch Post Office. This equivalent principle is relevant for the opening of a new PPF account with up to Rs.5,000 through withdrawal form.
For subsequent deposit above Rs.5000, the investor ought to submit the withdrawal form (SB-7) along with the post office savings book passbook and pay-in-slip along with the passbook of SB/RD/SSA or PPF account (for all subsequent deposits). The GDS branch postmaster will check the withdrawal form and pay-in-slip and with passbooks and monitor that withdrawal form and pay-in-slip are completed in all respect. On receipt of passbooks from the Account office, the GDS Branch Post office will hand over the passbooks to the depositor after updating all the details.
For more details, visit the website of All India ITR