Amalgamation of PPF Accounts | Relaxation to the PPF account holders who has opened more than one account in his / her name
Relaxation to the account holders who has opened more than one account in his / her name - Amalgamation of PPF Accounts - Reg.
Madam / Sir, Department of Economic Affairs (Budget Division), Ministry of Finance in its OM No. 02/02/2020 NS dated 23.02.2022, has advised not to send any proposal for consideration of merger i.e. amalgamation of PPF Accounts opened under the PPF Rules 2019.
2. In case any one of the PPF accounts or all the PPF accounts is/are proposed to be merged or amalgamated is / are opened on or after 12,12,2019, such account(s) shall be closed without any interest payment and no proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts.
3. A copy of the OM No. 2/2/2020 NS dated 23.02.2022 is attached herewith for ready reference. This may be circulated to all the sub-ordinate offices. This is issued with the approval of Competent Authority.
In partial modification of this Department letter dated 14.02.2022, the undersigned is directed to refer to the case at serial number No.7 of Dr. Anupam Mishra regarding merger of the account No.7003137726 opened on23.03.2021 in Indian Bank, KGM College, Lucknow Branch.
2. The said account was opened under the PPF Rules, 2019 and therefore, is not eligible for regularization. Accordingly, the account may immediately be closed without any interest payment and the provisions of PPF Rules, 2019 may strictly be complied.
3. All the operating agencies are further advised not to send any proposal for consideration of merger of PPF accounts opened under the PPF rules, 2019 i.e. on or after 12.12.2019
