Public Provident Fund Scheme in POSB(CBS) – Amendments to procedural rules : S.B. Order 08/2020

Public Provident Fund Scheme in POSB(CBS) –  Amendments to procedural rules S.B . Order 08/2020 F.No.116-12/2016-SB Government of India Mini...
Public Provident Fund Scheme in POSB(CBS) –  Amendments to procedural rules


S.B . Order 08/2020
F.No.116-12/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S . Division)
Dak Bhawan, New Delhi-110001
Dated :- 14/ 02/ 2020
To,
     All Head of Circles,
     Addl. Director General, APS, New Delhi

Subject :- Amendments to procedural rules relating to Public Provident Fund Scheme in POSB(CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.

Sir/Madam,
     The undersigned is direct ed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Scheme s which w ere circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB (CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7. 2018].
2.  Accordingly, the corrections relating to Public Provident Fund Schemes are given below:-

Correction slips for PPF in POSB(CBS) Manual

Rule 106(i):- This sub rule should be replaced with below text:-
(i) The Public Provident Fun Scheme is a statutory scheme of the Central Government framed under provisions of PPFAct 1968. This Act was repealed through Chapter VIII of Finance Act 2018 and now this scheme is governed by Government Savings Promotion Act 1873 (amended from time time) and Public Provident Funds Scheme Rules 2019.
Rule 106 (iii):-This sub rule should be replaced with below text: –
Any individual can subscribe to the Public Provident Fund on his own behalf or on behalf of a minor of who he is a guardian any amount in multiple of Rs. 50/- not less than Rs. 500/- and not more than Rs. 1,50,000/- in a financial year.
Rule 106(vii) :-This sub rule should be replaced with below text:-
The subscript ions can be deposited in lump sum or in convenient installments. More than one installment can be deposited in a month.
Rule 106(xxvi):- This sub rule should be replaced with below text:
For opening of PPF account, minimum Rs. 500/- rupees are required.
Rule 106(xxvi) :- Add sub rule (xxvii) below this sub rule:-
(xxvii) PPF Account can be extended after maturity with deposits within 1 year of the date of maturity of original PPF Account or extended PPF Account by submitting application in Form-4 . Similarly, PPF Account can also be retained after maturity without further deposits and balance at the time of maturity shall continue to earn interest at the rate of PPF Scheme notified from time to time. In case PPF Account is retained without deposit s, account holder can take one withdrawal in each financial year.


FORM – 4
(Application for extension of account)
To,
The Postmaster /Manager
……………………………………………….
……………………………………………….
Sir,
1.    My PPF account number ________ has matured on ____
2.    I request for extension of my PPF account number _____ for a further block period of five years.
3.    I have understood the terms and conditions applicable to the account during the period of extension under the said scheme as amended from t i me to time and shall abide by them. I hereby declare that I, and the minor( in case of minor account) continues to be Resident Citizen of India at the time of commencement of the block period of five years.


 Signature of the account holder /guardian
Date:-…………………….
(Name and address)
Place:- …………………..


For the use of Accounts Office
The account no …………………………………………… which was opened on ………………………………….. with Rs ………………. (Rupees ……………………… ) and matured o n …………………… , has been ex tended for a period of __ years with effect from ……………….. to …………………. under rule ………….. of the … ……………………. scheme.
    Necessary entries have be en made in the records and pass book / deposit receipt/ statement of account.
Date
Signature of Postmaster / Manager
Seal
Rule 108(1)(iii):- Add sub rule (iv) below this sub rule:-
(iv) Deposits made in a PPF Account up to 5th of a calendar month (irrespective of the deposit if made by cash or cheque of Demand draft or any electronic mode) shall be eligible for earning interest.
Rule 108(3)(i):- This sub rule should be replaced with below text:-
The principal amount of loan will be repaid by the subscriber through pay-in-slip with specific remark. It will be credited to the Loan Account of the subscribed in the FINACLE CBS application by using CPDT M menu. After the principal amount is fully repaid, the subscriber shall pay interest in no t more than two monthly installments at the rate of one percent per annum of the principal for the period commencing from the first day of the month following the month in which the loan is drawn upto the last day of the mo nth in which the last installment of t he loan is repaid.
Rule 108(3)(ii):This sub rule should be replaced with below text :-
Where the loan is not repaid or is repaid only in part, the penal interest will be charged at t he rate of six percent per annum. The penal interest on the amount of loan outstanding and any portion of the interest payable, but not repaid, will, on becoming due , be debited to the subscriber’s loan account by contra credit to the interest head as given above. For this purpose, the amount of interest will be withdrawn by the batch process in Finacle CBS application.
Rule 108(4):-This sub rule should be replaced with below text:-
Interest on subscriptions:- Interest shall be eligible for a calendar month on the lowest balance at the credit of an account between the close of the fifth day and the end of the month . Interest on the subscriptions made during the financial year and balance in t he account shall be admissible at rates prescribed from time to time by the Central Government. It will be credited to the account of the subscriber at the end of each financial year. The interest will be calculated by the FINACLE CBS application on 31 st March day end as a batch process and credited into the account on 1st April.
Rule 108(6)(ii):- Add sub rule (iii) below this sub rule:-
(iii) on change in residency status of the account holder on production of copy of Passport and visa or Income- tax return.
3.  It is requested to circulate these corrections to all concerned for information and guidance and necessary action.
4.  This issues with the approval of Competent Authority .
(Devendra Sharma)
Assistant director (S B)
Copy to:-
1.    DDG(FS ) / DDG(VIG) / AS&FA / DDG(PAF) / DDG(RB) / DDG(Estt.) / DDG(PG & Inspections) / DDG (PCO / Sr. DDG (PBI )
2.    Director of Audit (P& T), Delhi.
3.    Resident Audit Officer, Room No.51 7-B , Dak Bhawan, New Delhi.
4.    All Directors/Dy . Directors o f Accounts, Postal
5.    Director, RAKANPA, Ghaziabad, Al l Directors, Postal Training Centres.
6.    Director PTC Mysore for uploading the SB order on India Post Web Site .
7.    Deputy Director (CEPT) O/o CPMG T. N.Circle, Chennai for information.
8.    AD / Inspection/ PF/Vigilance
9.    All recognized unions.
10. MOF(DEA), NS- II, North Block, New Delhi
11. National Savings Institute, 4 Deen Dayal Upadhyay Marg, New Delhi.
12. PS to Member (Banking)
13. PP S to DG Posts.
14. PP S to Secretary Posts.



COMMENTS

BLOGGER
Name

Achievements,5,Allowances,87,Amendments,3,Android Apk,3,Announcements,38,anomalies,3,Articles,30,ATM,1,Audio / Video,3,Awards,7,Awareness,3,Banking,44,Books,3,Branch Post Office,2,BSNL,35,Business,15,Cadre Restructuring,10,CAT,4,CBS,2,CBS-CTS,1,CCA,5,CCA MCQ,1,CCS Rules,12,CEA,8,CGHS,56,Clarifications,27,COD,1,Competitive Exams,15,Computer Guidelines,119,Corona / Covid-19,32,Court News,35,Customer Care,247,Defence,1,Deputation,2,Differently Abled,7,DOP News,167,DOP Orders,99,DOPT Orders,331,Drivers,5,Dte Orders,58,e-Services,29,Education,117,Elections,3,Employees News,868,Employment News,85,Entertainments,60,Events,48,Exam / Result,112,Exam / Syllabus,58,Exam News,17,Facts,3,FAQ,78,Finacle,14,Finmin Orders,8,For System Administrators,128,Forms,15,FR Quiz,5,Frauds,1,Gazette,2,GDS,43,GenEng,1,General Informations,167,General Knowledge,344,GFR,3,GK,7,GO,1,GOVT Orders,50,GPF,1,Greetings,17,Guidelines,19,Hardwares,9,HBA,9,Health Tips,38,Holiday Home,18,Holidays List,6,Honorarium / Incentives,10,Important Letters,3,Important Persons,2,Income Tax,56,Instructions,3,Interest Rate,14,Internet Tips,94,IPO,191,Judgement,19,KV Schools,13,Labour News,2,Latest Software Updates,76,LAW,15,Leave Rules,44,Letter to Dte,1,Lokpal and Lokayuktas,1,LTC,41,MA Rules,5,MACP,26,Mails,24,MCQ,1,MHA Orders,2,Miscellaneous,4,MMS,18,Mobile Tips,33,National Pension System (NPS),51,NEFT / RTGS,2,Network Trouble shooting,11,News,179,Notifications,13,OBC related,1,Operating Procedures,15,Pay & Allowances,2,Pay Commission,45,Pay Commission - 7th,34,Pay Fixation,7,Pension,144,Pensioners News,11,Persmin,35,Philately,27,PLI,1,PLI and RPLI,32,POGuide I,5,PointOfSale,4,POSB,57,POSB Clarifications,13,Postal Accounts & Finance,1,Postal Accouunts / PAO,1,Postal Exams,4,Postal Informations,150,Postal Manuals,3,Postal Savings Schemes,61,PostalHistory,2,Printer Trouble shooting,11,Printing Tips,15,Project Arrow,6,Promotions,10,Questions / Answers,51,Quiz,34,Railway,110,Rajya Sabha Q&A,1,Random,6,Recovery Tips,12,Recruitment Rules,6,Registry Tips,26,Registry Tools,11,Reimbursement,7,Reservation,2,Results,1,RICT,2,RMS,15,Rotational Transfer,2,RTI,18,Rulings,63,SanchayPost,111,SAP,1,Savings Scheme,18,SB Orders,310,SBCO,29,SBOrder2017,1,SBOrder2018,1,SBOrder2020,1,SBOrder2021,6,SBOrder2022,2,Security Guidelines,23,Security Tips,46,Seniority List,1,Software Tips,11,Softwares,24,Speed Post,1,Sports,5,SQL,49,Staffs and Welfare,200,State News,19,Stories,5,Students,4,Study Materials,186,Sukanya Samriddhi Account,7,Tax,5,Technology,29,Technology News,23,TET / TRB / TNPSC,14,Tips and Tricks,111,TN - தமிழ்நாடு,33,Tools,30,Training,32,Transfer / Postings,38,Trouble shooting,25,UnCategorized,4,Union News,90,Update,93,Useful Softwares,125,Utilities,64,Virus Solutions,23,Websites,53,Welfare,1,windows 7,12,Windows Server,10,Windows Tips,152,Windows Vista,5,
ltr
item
Postal RADAR: Public Provident Fund Scheme in POSB(CBS) – Amendments to procedural rules : S.B. Order 08/2020
Public Provident Fund Scheme in POSB(CBS) – Amendments to procedural rules : S.B. Order 08/2020
Postal RADAR
https://www.postalradar.com/2020/02/public-provident-fund-scheme-in-posbcbs.html
https://www.postalradar.com/
https://www.postalradar.com/
https://www.postalradar.com/2020/02/public-provident-fund-scheme-in-posbcbs.html
true
5719657340864375059
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content