Tuesday 22 March 2011

PPF - To avoid irregular opening of Joint accounts in PPF.

 
                     No.32-1/2011-SB
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated:       08.02.2011
To

All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

              Subject : Use  of  prescribed  Account  Opening  Form  (Form'A')  while  opening 
                             PPF accounts to avoid irregular opening of Joint accounts in PPF.
Sir / Madam,

The  undersigned  is  directed  to  say  that  this  office  is  receiving  large  number  of  cases from circles / regions  for  regularization  of  irregularly  opened  Joint  PPF  accounts  by  converting into single accounts.   As Department has no power to relax any statutory rule, all such cases are being referred to Min. of Finance (DEA) for regularization.


2.          Min. of Finance (DEA) while examining such cases has observed that Post Offices are using SB-3 for opening of PPF accounts which is meant for opening of SB/RD/TD/MIS accounts and this is resulting in opening of Joint PPF accounts as the form has provision for opening of joint accounts.  Ministry  has  pointed  out  that  PPF  Scheme  provides  for  'FORM- ‘A'   as  account opening form and if this form is used for opening of PPF account, there are less chances that a Joint PPF account could be opened.

3.          It is therefore requested to ensure that all post offices operating PPF scheme should use Form-A for  opening  of  PPF  account  and  no  Joint  PPF  account  is  opened.  Availability  of  this Prescribed form in Post Offices operating PPF scheme may also kindly be ensured.


This may kindly brought to the notice of all post offices operating PPF scheme.

This issues with the approval of DDG(FS).

Yours faithfully,
(Kawal Jit Singh)

Assistant Director (SB)
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