THESE Savings Schemes Account To Be Frozen If Not Closed Within 3 Years Of Maturity; PPF Included In List | Personal Finance News
New Delhi: The Department of Posts (Financial Services Division), part of the Ministry of Communications has issued an order regarding Freezing of Small Savings Schemes accounts matured but not closed after 3 years.
Department of Posts in an order issued on July 15 said that the order covers the following post office small savings schemes:
1. Monthly Income Scheme (MIS)
2. Senior Citizens Savings Scheme (SCSS)
3. Time Deposit (TD)
4. Kisan Vikas Patra (KVP)
5. National Savings Certificate (NSC)
6. Recurring Deposit (RD)
7. Public Provident Fund (PPF) (if not extended after maturity)
“…it was decided to freeze matured accounts under the schemes MlS, SCSS, TD, KVP, NSC, RD, and PPF accounts (that are matured but not extended), which have not been closed even after three years since maturity. The designated freeze reason code for these accounts is ‘INOP: lnoperative more than 3 years’,” Department of Posts said in the order.
DoP will carry out the freezing process twice in a year now.
“To further enhance security of hard-earned money of depositors, it has now been decided that this freezing activity will be conducted twice a year as a continuous cycle,” it added.
The process of identification and freezing of such accounts will be completed within 15 days, commencing from 1’t July and ‘1’t January of each year. This means accounts that complete three years of maturity as on 30th June and 31st December every year, respectively, will be identified and frozen.
