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.
To open your PPF account, you need to execute the following steps:
To check the details of the PPF account, log in again and check for the PPF Account under the head, ‘Accounts’.
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:
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.
