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Tuesday, 30 September 2014

EXTENSION OF PPF SCHEME TO PRIVATE SECTOR 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.


Sir/ Madam


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 lClCl Bank Ltd., lDBl Bank Ltd., HDFC Bank Ltd. and UTl 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 ’l4.06.2005 and 29.08.2005 are also enclosed. 

2. ln 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)

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