Correction slips for PPF in POSB(CBS) Manual : S.B. Order 08/2020
S.B. Order 08/2020
F.No.116-12/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S. Division)
Dak Bhawan, New Delhi-110001
Dated :- 14/02/2020
To
All Head of Circles,
Addl. Director General, APS, New Delhi
Subject:-Amendments to procedural rules relating to Public Provident Fund Scheme in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.
Sir/Madam,
The undersigned is directed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Schemes which were circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB(CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7.2018].
2. Accordingly, the corrections relating to Public Provident Fund Schemes are given below:-
Correction slips for PPF in POSB(CBS) Manual
Rule 106(i):- This sub rule should be replaced with below text:-
(i) The Public Provident Fun Scheme is a statutory scheme of the Central Government framed under provisions of PPFAct 1968. This Act was repealed through Chapter VIII of Finance Act 2018 and now this scheme is governed by Government Savings Promotion Act 1873 (amended from time time) and Public Provident Funds Scheme Rules 2019.
Rule 106 (iii):-This sub rule should be replaced with below text:
Any individual can subscribe to the Public Provident Fund on his own behalf or on behalf of a minor of who he is a guardian any amount in multiple of Rs. 50/- not less than Rs. 500/- and not more than Rs. 1,50,000/- in a financial year.
Rule 106(vii) :-This sub rule should be replaced with below text:
The subscriptions can be deposited in lump sum or in convenient installments. More than one installment can be deposited in a month.
Rule 106(xxvi):- This sub rule should be replaced with below text:
For opening of PPF account, minimum Rs. 500/- rupees are required.
Rule 106(xxvi):- Add sub rule (xxvii) below this sub rule:-
(xxvii) PPF Account can be extended after maturity with deposits within 1 year of the date of maturity of original PPF Account or extended PPF Account by submitting application in Form-4. Similarly, PPF Account can also be retained after maturity without further deposits and balance at the time of maturity shall continue to earn interest at the rate of PPF Scheme notified from time to time. In case PPF Account is retained without deposits, account holder can take one withdrawal in each financial year.
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