New Delhi: The Department of Posts has announced that it will close small savings accounts that remain unclosed for three years after the maturity period.
The Department of Posts has issued a circular. It states
These new rules are applicable to small savings accounts like Public Provident Fund, Senior Citizens Savings Scheme, National Savings Certificate, Kisan Vikas Patra, Postal Monthly Income Scheme, Postal Deposit, Postal Recurring Deposit Scheme.
As per the new rules, mature and dormant small savings accounts that are not renewed twice a year by the subscribers will be identified and closed at the post office.
To protect the subscribers who have worked hard and saved, the process of closing the accounts will be carried out twice a year at the post offices.
The process of identifying and closing the accounts will be completed in two phases on January 1 and July 1 of every year, within the first 15 days of the month.
Accordingly, accounts that have matured for three years will be identified and closed by June 30 and December 31. To avoid closure of small savings accounts, subscribers should submit a request for proper extension of deposit accounts.
It said.
About The Author
