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PPF Scheme 1968 - Premature closure of PPF Accounts, Claims cases on death of Account holders etc.

RBI/2004-05/170

No.CO.DT.15.02.001/ H-2831-53/2004-05

September 9, 2004

Bhadra 18,1926 (S)

The General Manager
State Bank of India
Government Accounts Department
Head Office
SBI/Associate Banks/14 Nationalised Banks/
Corporation Bank

Dear Sir,

PPF Scheme 1968 - Premature closure of PPF Accounts, Claims cases on death of Account holders etc.

Please refer to para No. three of our circular letter No.CO.DT.15.02.001/H-1651/2002-03 dated 16th September 2003.

2. Government of India vide their letters No.F.7/11/02-NS-II dated 8th September 2003 and 27th August 2004 have issued following clarifications/instructions for the Agency banks operating the captioned Scheme :

i) Generally, the cases on the ground of migration abroad, marriage, retirement/suspension from job do not merit relexation of rules for premature closure of PPF A/c.

ii) Only those cases of extreme compassionate ground (such as medical support in life-threatening deceases ) and death cases deserve consideration for grant of premature closure.

iii) Only those death-claim cases, where the existing rules are silent or where relaxation of provisions specified is involved, should be forwarded to Government of India for consideration with full details.

iv) Agency banks/branches should settle such death-claim cases as far as possible at their end, in terms of the provisions in paragraph No. 12 of PPF Scheme, 1968.

3. In view of above Government of India instructions, you are advised to ensure that PPF settlement cases are finalized at your Zonal Office/Head Office level, as per the existing provisions of the Scheme and the same should not be referred to Government of India in a routine manner. You are, therefore, requested to issue suitable instructions to your Regional/Zonal Offices and the designated branches under advice to us.

4. Pleas acknowledge receipt of the letter.

 

Yours faithfully,

 

Sd/-

(D. Rajagopala Rao)

Dy. General Manager



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