How To Withdraw Money From Inactive PPF Account?

After The Expiry Of The Period, The Account Of Small Savings Scheme Will Be Deactivated. Post Office Will Freeze This Account Especially After Three Years. Know The Details.

How To Withdraw Money From Inactive PPF Account?
How To Withdraw Money From Inactive PPF Account

Department Of Posts Has Taken Initiatives To Ensure Security Of Depositors’ Money and KYC. A Notification Has Been Issued By This Department On 15th December 2022. The Concerned Department Has Decided To Freeze The Small Savings Accounts Which Have Expired But Not Closed Till 30 September 2019.

It Is Learned That Post Office Monthly Income Scheme, Senior Citizen Savings Scheme, Term Deposit, Kisan Bikash Patra, National Savings Certificate, Recurring Deposit and PPF Which Are Mature But Have Not Been Extended Will Be Included In This List. If A Customer’s Account Is Frozen After Expiry, The Post Office Committee shall Apply For Closure Of The Inactive Account. The Post Office Committee Shall Then Close The Same In Accordance With The Following Procedure.

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According to the Ministry of Communications, If A Customer’s Small Savings Scheme account Remains Inactive For More Than Three Years, The Customer Will Have To Submit A Number Of Documents. They are:

How To Withdraw Money From Inactive PPF Account

1. Passbook Or Certificate

2. KYC Documents To Be Submitted. Mobile number, PAN card and Aadhaar Must Be Submitted. Or Proof Of Home Address As Per Government Savings Rules 2018.

3. Account Closure Form (SB-7A): Passbook And Bank Savings Account Number Should Be Entered In The Account Closure form. Also The Passbook Copy Or Canceled Check Of The Account To Which The Money Will Be Credited. The Form Will Also Have The Signature Of The Depositor. After That, The Customer No Longer Needs To Go To The Post Office Branch. The Project Money Will Be Credited Directly To His Account.

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Once The Document Is Submitted, The Concerned Officer Will Check The Details And Signature Of The First Depositor, Experts Said. Then The Records Will Be Examined. If Customer’s Account Is In Sub Office Or Post Office Branch, Form, Passbook And KYC Information Should Be Sent To Head Post Office To Close Inactive Account. Head Post Office Will Be Closed From Inactive In Front Of Two Supervisors After Checking. Later It Will Be Credited To Customer’s Bank Account Through ECS Outward Credit.

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