Latest news with #MonthlyIncomeScheme
Time of India
17-07-2025
- Business
- Time of India
Small savings schemes: These post office savings accounts will be frozen after 3 years: Here is how to unfreeze your account
Which small savings accounts will be frozen? Academy Empower your mind, elevate your skills What happens to the account if it is frozen? How to unfreeze your small savings scheme account? The Department of Posts (DoP) has announced that it will freeze matured accounts under various small savings schemes accounts that have not been extended or closed even after three years from the date of maturity. Recently, it has issued an order to make account freezing a regular exercise to be conducted twice a year to identify such accounts to ensure safety and security of hard-earned money of savings schemes holders should note that their accounts will become frozen if not closed within three years of savings scheme accounts include Time Deposits (TD), Monthly Income Scheme (MIS), National Savings Certificates (NSC), Senior Citizen Savings Scheme (SCSS), Kisan Vikas Patra (KVP), National Savings Certificate (NSC), Recurring Deposit (RD), and Public Provident Fund (PPF) accounts, as per the a post office small savings account goes frozen after maturity, all transactions are suspended, including withdrawals, deposits, standing orders, and online per an order dated July 15, 2025, '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. The process of identification and freezing of such accounts will be completed within 15 days, commencing from July 1and January 1 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.'Accountholders must reactivate or unfreeze their accounts by submitting the required documents to the concerned to the SB Order No.2512022 dated 16-12-2022, here is the process to activate inoperative more than 3 years, which already have been matured but not closed within 3 years and cut-off accountholder should visit any post office for closure and submit the following documents:a) Passbook or Certificate of the frozen accountb) KYC Documents such as mobile number, PAN card and Aadhaar or address proofc) Account Closure Form (SB-7A): Accountholder should also submit account closure form, passbook and details of post office savings account number or bank account details along with a cancel cheque/copy of passbook for credit of maturity value into his/her savings department will first check and confirm the details of depositor and tally signature to ensure genuineness of the account holder with relevant records. After verification of the genuineness of the case, the account/certificate concerned will unfreeze the maturity value will be credited either in the post office savings account or bank account of the accountholder through ECS outward credit.
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Business Standard
10-07-2025
- Business
- Business Standard
No slips, no forms: Aadhaar e-KYC now live for Post Office RD, PPF
Depositors can open and manage recurring deposit and public provident fund accounts using Aadhaar biometrics Amit Kumar New Delhi Post offices nationwide will allow customers to open and manage recurring deposit (RD) and public provident fund (PPF) accounts using Aadhaar-based biometric e-KYC, making processes quicker and paperless. What's new? The facility was available for Monthly Income Scheme, Time Deposit, Kisan Vikas Patra, and National Savings Certificate. It has been extended to RD and PPF, two of the most popular small savings accounts among Indians. Open new RD and PPF accounts using Aadhaar biometric authentication. Deposit money into RD and PPF accounts without using pay-in slips. Open RD and PPF loan accounts and repay loans using biometric verification. Make partial or full withdrawals from PPF accounts, irrespective of limits, via Aadhaar biometrics. This Aadhaar-linked process eliminates the need for physical forms such as withdrawal vouchers and pay-in slips, reducing paperwork and transaction time. How does it work? When opening an RD or PPF account, the depositor's biometric is captured twice: The first capture obtains consent for using Aadhaar details. The second scan authenticates the transaction. For deposits and withdrawals, the biometric alone is sufficient for verification. Customers can even transfer funds from their Post Office savings accounts without submitting withdrawal forms. Added security For privacy, Aadhaar numbers on forms will appear in a masked format (e.g., xxxx-xxxx-1234). If an unmasked Aadhaar appears on any document, post office chiefs have been instructed to manually mask the first eight digits. This initiative aligns with the government's push for a digital-first approach to small savings and promises greater convenience for depositors, especially in rural and semi-urban areas.
