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Harshita Tyagi
Updated Nov 07, 2021 | 06:08 IST
PPF account: Govt issues guidelines for dealing with multiple PPF account merger
PPF account: Govt issues guidelines for dealing with multiple PPF account merger&nbsp | &nbspPhoto Credit:&nbspBCCL

New Delhi: Public Provident Fund (PPF) is one of the most popular long-term debt investment instruments in the country. It is a solely debt-oriented scheme backed by the government. PPF interest rate is revised quarterly by the government. Currently, PPF interest rate is 7.1% and it is compounded on an annual basis. ,egypt handball team names

The tenure of the PPF account is 15 years and after the account maturity, you can either withdraw the entire balance or close the account or extend it for five years with or without contribution. As per the Public Provident Fund (PPF) Scheme rules, an individual cannot have more than one PPF account. However, many people still inadvertently end up opening more than one PPF account by mistake. This happens if they open PPF accounts with two different banks or with a post office and a bank. In such a situation, there are consequences.,egypt handball team names

The Department of Posts recently issued a circular recently giving details of consequences of having multiple PPF accounts and the process of merging multiple PPF accounts into one single PPF account. As per the circular, whenever any depositor has opened more than one PPF Accounts, the second and subsequent accounts opened are treated as irregular, as an individual can open only one single account under PPF Scheme.,rugby league betting tips today

handball football,In such cases, considering the requests of the PPF subscribers, the Department of Economic Affairs, Ministry of Finance regularizes such irregular accounts/deposits by amalgamating more than one PPF accounts into one account, in relaxation of rules. On receipt of the concurrence of Ministry of Finance for amalgamation of more than one PPF accounts, which were opened irregularly, the Post Offices shall follow the Standard Operating Procedure (SOP) for amalgamation of accounts.

youth soccer camps near me 2020,How multiple PPF accounts can be merged:

1. If PPF deposits do not exceed the prescribed limit:,tennis shoes on sale

Accounts, where the deposits made in both the accounts taken together are within in the prescribed deposit ceiling, as applicable to the account from time to time, shall be allowed to be amalgamated and the account holder will be given an
option to retain the account of their choice. The PPF accounts in the same operating agency could easily be amalgamated at the level of operating agency by adopting the procedure of transfer of the PPF account.

The amalgamation of PPF accounts in different operating agency requires interaction between both the operating agencies. In such cases, the depositor will submit the request for amalgamation to the accounts ofiice (Accounts office means Post Office or Bank) where they intended to retain the account, along with photocopy of the passbook/statement of account. Thereafter, the accounts office will forward the case to other accounts office (where the account stands which is to be merged) and request to verify/ send the details of annual subscriptions of all the financial years. ,rugby league betting tips today

The accounts office will then work out the annual subscriptions deposited by the account holder in all the PPF accounts keeping in view the prescribed deposit ceiling under PPF scheme declared by the Government from time to time. On confirming subscriptions do not breach prescribed deposits ceiling of any of the financial year, the accounts office will request the other accounts office to close the account and transfer the balances in the account keeping in view
the relevant provision of the PPF Scheme. 

all upcoming domestic cricket matches,The date of opening of the retained account shall be deemed as the actual opening of the account for the calculation of maturity and other purposes. Date of actual transfer/credit of balance in the account which is to be retained, shall be deemed to be the date of deposit for the purpose of loan/withdrawal etc.

usa basketball team quiz,2. If PPF deposits exceed the prescribed limit:

Where the deposits made in both the accounts taken together are in excess of the prescribed deposit ceiling, applicable from time to time, the excess amount breaching the limit will be refunded to the subscriber from the account to be amalgamated without any interest. The accounts office will adjust the interest entry before transferring the balance to the account office, where the account stands intended to be retained.,soccer live table

poker heat - free texas holdem poker,The date of opening of the retained account shall be deemed as the actual opening of the account for the calculation of maturity and other purposes. Date of actual transfer/credit of balance in the account which is to be retained, shall be deemed to be the date of deposit for the purpose of loan/withdrawal etc.

victor chandler net worth,Suppose an individual has two PPF accounts where one was opened on April 4, 2018, and another one was opened on April 4, 2020. Here's how the merger of two PPF accounts will be worked out if we assume interest rate at 7% and maximum amount allowed as Rs 1.5 lakh.

PPF account merger

If the amalgamation of the above two accounts are ordered, the annual subscriptions made in both the accounts are to be worked as:,tennis level court

PPF account merger

all upcoming domestic cricket matches,If the depositor requests to retain Account 1, the new amalgamated account will be opened with the date of opening as April 4, 2018, and the following ledger entries will be uploaded:

PPF account merger

handball wall meaning,If the depositor requests to retain Account 2, the new amalgamated account will be opened with the date of opening as April 4, 2020 and the following ledger entries will be uploaded:

PPF account merger

victor chandler net worth,The transactions shall be balanced in Finacle as follows:

PPF account merger

(Picture Source: Department of Posts Circular),basketball online jobs

egypt handball team names,If there is any outstanding loan in any of the PPF account to be merged, the depositor shall be requested to repay the entire outstanding loan amount along with the interest. That is, if there is any PPF loan account, it should be closed before the amalgamation of accounts is done.

the best volleyball ankle braces,During the process of amalgamation, the interest calculation is required to be done manually by the Head Post Offices. The interest calculation shall be done by the Post Office Counter Officials and verified and authorized by Supervisor/In-Charge, SBCO.

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