If you have an existing post office savings bank (POSB) account, you can now open a new Public Provident Fund (PPF) account or close your existing PPF account with the postal department through the Netbanking facility offered by the Department of Posts.
You don’t need to visit the post office to do either open a new PPF account or close your matured PPF account.
“In line with providing more digital transaction facilities to POSB customers, the undersigned is directed to say that online account opening and closure for Public Provident Fund (PPF) have been introduced in DOP Internet Banking. Now DOP Internet Banking users can open and close their PPF account online,” the department of posts said in a circular dated August 30, 2022.
According to the release, the option for opening and closing of matured PPF account is available under the ‘General Services’ tab of DOP Internet banking. The Netbanking user should follow the prescribed procedure for opening and closing the PPF account.
It should also be noted that the new PPF Account will be opened in the name of DOP Internet Banking user and the nominee will be same as registered in the linked POSB account. Also, only matured PPF accounts can be closed online, the circular added.
HOW TO OPEN PPF ACCOUNT ONLINE TROUGH POSB NETBANKING
To open your PPF account, you need to execute the following steps:
- Log in into DOP Internet Banking
- Click on ‘General Services’
- Then go to ‘Service Requests’
- Click on ‘New Requests’
- Go to PPF Accounts
- Click on ‘Open a PPF Account’
- Now, deposit the amount you want to open your account with (the minimum amount required is Rs. 500. You can deposit either Rs. 500 or above in multiple of Rs. 50, up to Rs. 1.5 lakh)
- Select the linked POSB account from which you want to debit the amount
- Click on ‘Click Here’ to read terms and conditions and accept them
- Submit online
- Enter Transaction Password
- Submit
- View/Download Deposit Receipt
To check the details of the PPF account, log in again and check for the PPF Account under the head, ‘Accounts’.
HOW TO CLOSE PPF ACCOUNT ONLINE TROUGH POSB NETBANKING
Only matured accounts can be closed under this option. Premature closure is allowed under specific conditions, and so, you will need to submit the relevant account closure form, your passbook, and other documents physically at the post office concerned.
To close your matured PPF account online, you need to execute the following steps:
- Log in into DOP Internet Banking
- Click on ‘General Services’
- Then click on ‘Service Requests’
- Go to ‘New Requests’
- Then go to ‘Closure of PPF Accounts’
- Select Deposit Account (You will need to select the PPF Account to be closed)
- Click on Credit Account (You will need to select the linked POSB where you want to transfer your maturity proceeds
- Submit online
- Enter Transaction Password
- Submit
- View/Download Closure Receipt
To check whether you have successfully closed your PPF account, log out, and then log in again. As a safeguard, keep the closure receipt with you till the amount is successfully credited to your account.
