Financial

Depositors Now Required To Return Passbook Before Closing PO Account

Post Office Update: Depositors Now Required To Return Passbook Before Closing PO Account

Post Office Update News: POs will now collect the passbooks back from the customers before closing their accounts

New Delhi: Post Office News has always been of great interest to us Indians. This is probably because the Indian Post Office gives a number of opportunities to invest and deposit our money safely. In a new update, the post offices will now collect the passbooks back from the customers before closing their accounts, according to The Economic Times. If you go to the Post Office to close your account, remember to carry the passbook along with you.Also Read – 65 Per Cent Indians Unhappy With Existing Tax Structure: Survey

This is applicable to all types of deposits, RD/FD/MIS/ Kisan Vikas Patra (KVP) and even National Savings Certificate (NSC). Also, this rule stands irrespective of the reason for closure, be it maturity or premature. Also Read – Budget 2022: What Does Fintech Sector Expect From Upcoming Budget?

According to the report, the Post Office announced this in a circular earlier this month. It said, “At the time of closure/premature closure of any TDA type of accounts (RD/TD/MIS/SCSS/KVP and NSC), all single and double handed post offices (including BOs) shall collect closed passbook from the account holders. The closure entry is to be noted after last transaction in the passbook by the post office concerned with date stamp.” Also Read – Which Banks Offer Highest Fixed Deposit Rates For Less Than Three Years?

Apart from this, the report stated that the account holders can demand an account statement in return for submitting the passbook. The Post Office will provide the statement free of cost. The account holder will also receive an Account Closure Report (ACR).

The new rule change is expected to impact millions of accountholders in the country. Post Office, for decades, has been a reliable place for small deposits in India.

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Topics:

Bank/kisan/post office passbookFixed DepositsKisan Vikas Patranational Savings certificatePersonal FinancePost Office news todayPost Office passbook accountPost Office passbook entryPost Office update newsRecurring Deposit

Published Date: January 28, 2022 10:21 AM IST

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Updated Date: January 28, 2022 10:34 AM IST

Source: https://www.india.com/business/post-office-update-depositors-now-required-to-return-passbook-before-closing-po-rd-fd-kvp-nsc-account-personal-finance-5209719/

Donovan Larsen

Donovan is a columnist and associate editor at the Dark News. He has written on everything from the politics to diversity issues in the workplace.

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