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Friday, June 3, 2011

SB ORDER NO. 7/2011:-Extension of PPF Scheme up to Post Offices with sanctioned strength of 2+1 (‘A’ class post office) w.e.f 1.7.2011.

SB ORDER NO. 7/2011
Government of India
Ministry of Communications & IT
Department of Posts
Dak Bhawan, Sansad Marg,
New Delhi-110001, Dated: 25.05.2011
All Heads of Circles/Regions
Addl. Director General, APS, New Delhi.

Subject:- Extension of PPF Scheme up to Post Offices with sanctioned strength of 2+1 (‘A’ class post office) w.e.f 1.7.2011.

Sir / Madam,
The undersigned is directed to say that PPF Scheme was introduced by the Government through PPF Act 1968 and was initially made operational through designated bank branches. The Scheme was introduced up to Head Post Level w.e.f 1.1.1979 and further extended up to LSG Post Offices w.e.f 1.7.1988. A review has been undertaken in this office to expand its operations to other Post Offices and it has been decided to expand the operation of this scheme up to ‘A’ class post offices i.e where one SPM and 2 PAs are sanctioned.

2.             The scheme will be made operational in such post offices w.e.f 1.7.2011. It is pertinent to mention that the scheme is a centralized one under which second set of data is to be maintained in SBSO at HPOs like savings account and all functions like Opening of account, registration of nomination, Interest Calculation, Sanction of Loan, Sanction of Withdrawal, Closure Sanction etc. are to be done at HPO level.

3.             It is requested to circulate this letter to all Head Post Offices and ‘A’ Class post offices along with sufficient copies of all related forms/ledgers so that no one can find it difficult to make the scheme operational. It may also be ensured that working strength of such post offices may not become single handed at any point of time. Copy of PPF Rules framed by Min. of Finance under PPF Act 1968 and PPF operative rules given in POSB Manual Vol-I are enclosed for circulation to such post offices.

This issues with the approval of Secretary Posts.
Yours faithfully,
(Kawal Jit Singh)
Assistant Director (SB)

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