Extension of PPF Scheme to private sector banks

Department of Posts issued a detailed order including the list of private banks to authorize to transfer of Public Provident Fund accounts from Head Posts Offices to Nationalized Banks…

SB ORDER No. 11/2014

F.No.32-01/2014-SB

Government of India
Ministry of Communications & lT
Department of Posts

Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 22.09.2014

To
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject: – Extension of PPF Scheme to private sector banks.

The undersigned is directed say that this office has received some complaints regarding non transfer of their PPF Account from Post office to Private sector banks and vice versa. The matter was referred to Min. of Finance, Department of Economic Affairs [MOF(DEA)] for clarification. MOF (DEA) has forwarded copies of Gazette notifications to this office wherein MOF (DEA) had authorized some branches of ICICI Bank Ltd., lDBl Bank Ltd., HDFC Bank Ltd. and UTI Bank Ltd. (Axis Bank Ltd.) to operate PPF accounts under PPF Scheme. Copies of MOF (DEA) Gazette notifications .no. F.7/3/2005-NS.ll dated 14.06.2005 and 29.08.2005 are also enclosed.

2. In view of above, now PPF Account can be transferred from Post office to the branches of private banks mentioned in above Gazette notifications and vice versa and procedure prescribed for the transfer of PPF A/c from Head Post Office (HPO) to Nationalized Banks and vice versa will also be applied for transfer to these designated branches of Private Banks. lt is, therefore, requested to circulate these notifications to all field units for information and necessary action.

3. This issues with the approval of Competent Authority.

Encl.: As above

Yours faithfully,
sd/-

(Kawal Jit Singh)
Assistant Director(SB-II)

Click here to view the detailed list of Private Banks…

Source: www.indiapost.gov.in