Public Provident Fund / Department of Post changed Deposit rule for benefit of PPF Account Holders

Livemint : Dec 26, 2019, 03:37 PM
After receiving a lot of complaints from the customers, the Department of Post has recently announced that you can now deposit a cheque of any amount at non-home branch. Earlier users can only deposit a maximum of ₹25,000 in a day at non-home branch.

In a statement, the Department of Post said that the revision of earlier limit of ₹25,000 is applicable for post office savings account, Public Provident Fund (PPF) and Post Office Small Savings (POSS) schemes, Sukanya Samriddhi Account (SSA) and Recurring Deposit (RD).

All post office savings banks or POSB cheques issued by any core banking solutions branch or CBS is accepted at any post office branches and should not be sent for clearance. The is no maximum limit applicable for a non-home branch deposits.

"All POSB cheques issued by any CBS Post Office, if presented at any CBS Post Office should be treated as at par cheques and should not be sent for clearing," the Department of Post said in a statement.

However, the post office branch will not accept any cheque of more than ₹25,000 for a cash withdrawal at a non-home branch. "No POSB cheque for more than ₹25,000 should be accepted for cash withdrawal at other SOLs (service outlets) in a day," the statement said.

The government has also revised deposit rules for benefit of PPF account holders. According to new rules, a PPF account holder can make deposits in multiples of ₹50 any number of times in a financial year, with a maximum of a combined deposit of ₹1.5 lakh a year. Earlier, a maximum of 12 deposits were permitted in a period of one year.