Use of prescribed Account Opening Form (Form ‘A’) while opening PPF accounts to avoid irregular opening of Joint accounts in PPF.

SB ORDER NO. 01/2011

No.32-1/2011-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg,

New Delhi-110001, Dated: 08.02.2011

To

All Heads of Circles/Regions

Addl. Director General, APS, New Delhi.

Subject:-        Use of prescribed Account Opening Form (Form ‘A’) while opening PPF accounts to avoid irregular opening of Joint accounts in PPF.

Sir / Madam,

The undersigned is directed to say that this office is receiving large number of cases from circles/regions for regularization of irregularly opened Joint PPF accounts by converting into single accounts. As Department has no power to relax any statutory rule, all such cases are being referred to Min. of Finance (DEA) for regularization.

2.         Min. of Finance (DEA) while examining such cases has observed that Post Offices are using SB-3 for opening of PPF accounts which is meant for opening of SB/RD/TD/MIS accounts and this is resulting in opening of Joint PPF accounts as the form has provision for opening of joint accounts. Ministry has pointed out that PPF Scheme provides for ‘FORM-A’ as account opening form and if this form is used for opening of PPF account, there are less chances that a Joint PPF account could be opened.

3.         It is therefore requested to ensure that all post offices operating PPF scheme should use Form-A for opening of PPF account and no Joint PPF account is opened. Availability of this prescribed form in Post Offices operating PPF scheme may also kindly be ensured.

4.         This may kindly brought to the notice of all post offices operating PPF scheme.

5.         This issues with the approval of DDG(FS).

Yours faithfully,

(Kawal Jit Singh)

Assistant Director (SB)