Amendments to Procedural Rules | Public Provident Fund Scheme in POSB(CBS) Manual - S.B. Order 08/2020

Amendments to Procedural Rules | Public Provident Fund Scheme in POSB(CBS) Manual - S.B. Order 08/2020

Amendments to Procedural Rules | Public Provident Fund Scheme in POSB (CBS) Manual - S.B. Order 08/2020

amendments-to-procedural-rules-ppf-scheme-dop

S.B . Order 08/2020

F.No.116-12/2016-SB
Government of India
Ministry of Communication
Department of Posts
(F.S . Division)

Dak Bhawan, New Delhi-110001
Dated :- 14/ 02/ 2020
To,

     All Head of Circles,
     Addl. Director General, APS, New Delhi

Subject :- Amendments to procedural rules relating to Public Provident Fund Scheme in POSB (CBS) Manual in the light of recent changes circulated vide SB Order 13/2019 dated 18.12.2019.


Sir/Madam,

     The undersigned is direct ed to inform that MoF(DEA) has revised many statutory rules relating to different National Savings Scheme s which w ere circulated vide SB order 13/2019 dated 18.12.2019. The competent authority has now approved to change relevant procedural rules and issue corrections slips of POSB (CBS) Manual [circulated vide SB Order No.9/2018 dated 17.7. 2018].

2.  Accordingly, the corrections relating to Public Provident Fund Schemes are given below:-

Correction slips for PPF in POSB{CBS) Manual


Rule 106(i):- This sub rule should be replaced with below text:-

(i) The Public Provident Fun Scheme is a statutory scheme of the Central Government framed under provisions of PPFAct 1968. This Act was repealed through Chapter VIII of Finance Act 2018 and now this scheme is governed by Government Savings Promotion Act 1873 (amended from time time) and Public Provident Funds Scheme Rules 2019.

Rule 106 (iii):-This sub rule should be replaced with below text: -

Any individual can subscribe to the Public Provident Fund on his own behalf or on behalf of a minor of who he is a guardian any amount in multiple of Rs. 50/- not less than Rs. 500/- and not more than Rs. 1,50,000/- in a financial year.

Rule 106(vii) :-This sub rule should be replaced with below text:-

The subscript ions can be deposited in lump sum or in convenient installments. More than one installment can be deposited in a month.

Rule 106(xxvi):- This sub rule should be replaced with below text:

For opening of PPF account, minimum Rs. 500/- rupees are required.

Rule 106(xxvi) :- Add sub rule (xxvii) below this sub rule:-

(xxvii) PPF Account can be extended after maturity with deposits within 1 year of the date of maturity of original PPF Account or extended PPF Account by submitting application in Form-4 . Similarly, PPF Account can also be retained after maturity without further deposits and balance at the time of maturity shall continue to earn interest at the rate of PPF Scheme notified from time to time. In case PPF Account is retained without deposit s, account holder can take one withdrawal in each financial year.

FORM - 4
(Application for extension of account)
To,
The Postmaster /Manager
.......................................................
.......................................................
Sir,
  1. My PPF account number ________ has matured on ____
  2. I request for extension of my PPF account number _____ for a further block period of five years.
  3. I have understood the terms and conditions applicable to the account during the period of extension under the said scheme as amended from t i me to time and shall abide by them. I hereby declare that I, and the minor( in case of minor account) continues to be Resident Citizen of India at the time of commencement of the block period of five years.

Signature of the account holder /guardian
Date:-.........................

(Name and address)

For the use of Accounts Office

The account no ................................................... which was opened on ......................................... with Rs ................... (Rupees ........................... ) and matured o n ........................ , has been ex tended for a period of __ years with effect from .................... to ...................... under rule .............. of the ... ......................... scheme.
    Necessary entries have be en made in the records and pass book / deposit receipt/ statement of account.

Date -
Signature of Postmaster / Manager

Seal

Rule 108(1)(iii):- Add sub rule (iv) below this sub rule:-

(iv) Deposits made in a PPF Account up to 5th of a calendar month (irrespective of the deposit if made by cash or cheque of Demand draft or any electronic mode) shall be eligible for earning interest.

Rule 108(3)(i):- This sub rule should be replaced with below text:-

The principal amount of loan will be repaid by the subscriber through pay-in-slip with specific remark. It will be credited to the Loan Account of the subscribed in the FINACLE CBS application by using CPDT M menu. After the principal amount is fully repaid, the subscriber shall pay interest in no t more than two monthly installments at the rate of one percent per annum of the principal for the period commencing from the first day of the month following the month in which the loan is drawn upto the last day of the mo nth in which the last installment of t he loan is repaid.

Rule 108(3)(ii):This sub rule should be replaced with below text :-

Where the loan is not repaid or is repaid only in part, the penal interest will be charged at the rate of six percent per annum. The penal interest on the amount of loan outstanding and any portion of the interest payable, but not repaid, will, on becoming due , be debited to the subscriber's loan account by contra credit to the interest head as given above. For this purpose, the amount of interest will be withdrawn by the batch process in Finacle CBS application.

Rule 108(4):-This sub rule should be replaced with below text:-

Interest on subscriptions:- Interest shall be eligible for a calendar month on the lowest balance at the credit of an account between the close of the fifth day and the end of the month . Interest on the subscriptions made during the financial year and balance in t he account shall be admissible at rates prescribed from time to time by the Central Government. It will be credited to the account of the subscriber at the end of each financial year. The interest will be calculated by the FINACLE CBS application on 31 st March day end as a batch process and credited into
the account on 1st April.

Rule 108(6)(ii):- Add sub rule (iii) below this sub rule:-

(iii) on change in residency status of the account holder on production of copy of Passport and visa or Income- tax return.

3.  It is requested to circulate these corrections to all concerned for information and guidance and necessary action.

4.  This issues with the approval of Competent Authority .

(Devendra Sharma)
Assistant director (S B)
Copy to:-

  1. DDG(FS ) / DDG(VIG) / AS&FA / DDG(PAF) / DDG(RB) / DDG(Estt.) / DDG(PG & Inspections) / DDG (PCO / Sr. DDG (PBI )
  2. Director of Audit (P& T), Delhi.
  3. Resident Audit Officer, Room No.51 7-B , Dak Bhawan, New Delhi.
  4. All Directors/Dy . Directors o f Accounts, Postal
  5. Director, RAKANPA, Ghaziabad, Al l Directors, Postal Training Centres.
  6. Director PTC Mysore for uploading the SB order on India Post Web Site .
  7. Deputy Director (CEPT) O/o CPMG T. N.Circle, Chennai for information.
  8. AD / Inspection/ PF/Vigilance
  9. All recognized unions.
  10. MOF(DEA), NS- II, North Block, New Delhi
  11. National Savings Institute, 4 Deen Dayal Upadhyay Marg, New Delhi.
  12. PS to Member (Banking)
  13. PP S to DG Posts.
  14. PP S to Secretary Posts.
Source: Department of Posts

PDF Link
http://utilities.cept.gov.in/dop/pdfbind.ashx?id=4242

COMMENTS

Name

'Aaykar Setu' mobile app,1,3rd cpc,1,4th cpc,1,5th cpc,15,6th cpc,21,7th CPC,535,7th CPC Arrears,5,7th CPC Arrers,8,7th CPC Bunching of Stages,5,7th CPC Hindi News,20,7th CPC News,77,7th Pay Commission,296,Aadhaar,31,aai employee,1,Aarogya Setu,1,accommodation,4,acpin,1,ad-hoc bonus,7,ad-hoc staff,2,additional hra,4,admission,2,admit card,1,advance,6,advance salary,3,age limit,1,AGEY,1,aicpin,29,aigdsu news,6,AIIMS,3,ailtc railways,8,aipr,5,Air Force,14,Air Force pay Rules 2017,2,Air India,12,air india ltc 80 fare,15,Air Travel,21,Aircel,1,airf,28,Airlines,1,Airtel,4,alcohol policy,1,all india,5,Allowances,164,Amazon Ofers,1,Andhra Pradesh,1,Andhra Pradesh govt employee,1,anomaly committee,2,aoc,1,apar,18,app download,1,Apple iPhone,3,Army Pay Rules 2017,3,Assam,4,Assistant Jobs,1,Bank,53,bank da,8,bank holidays,1,Bank Policies,19,banknotes,1,Benevolent Fund,1,Bihar,9,Bihar 7th CPC,3,bihar govt employee,2,Bollywood,4,bombay high court,1,bonous,2,bonus,11,bpms letter,1,BPSC,1,breakdown allowance,3,Breaking News,139,BRICS,1,Briefcase allowance,1,Bsnl,37,BSNLMRS Hospitals,2,budget,8,Business,84,ca exam pattern,1,Cabinet News,44,cadre restructuring,7,cadre review,27,CAG Report,3,canteen allowance,1,capf,2,CAPO News,4,Career,56,career progression,1,casual labour,10,casual leave,6,cat Judgement,9,cat order,8,CBDT,35,CBEC,5,cbic,5,CBSE,20,ccs master circular,3,ccs pension rules,10,ccs rules,34,ccsrp rule,4,cda rules,3,cga om,5,cgda,55,cgegis table,10,cgewho,1,CGHS,167,cghs agartala,1,cghs ahmedabad,3,cghs allahabad,1,cghs bengaluru,4,cghs bhopal,3,cghs bhubaneswar,1,cghs chandigarh,1,Cghs Chennai,2,cghs dbanbad,2,cghs dehradun,1,cghs delhi,10,cghs dibrugarh,1,cghs gandhinagar,1,cghs guwahati,1,cghs hyderabad,2,cghs indore,1,cghs jabalpur,1,cghs jaipur,1,cghs Jalpaiguri,1,cghs kanpur,2,cghs karnataka,1,cghs kerala,1,cghs kolkata,1,cghs lucknow,1,cghs meerut,3,cghs mumbai,2,cghs nagpur,2,cghs patna,2,cghs pune,1,cghs ranchi,6,cghs shillong,2,cghs Siliguri,1,cghs trivandrum,2,cghs uttrakhand,1,cghs vadodara,2,cghs Varanasi,1,chandigarh,1,chhattisgarh,1,child care leave,6,children education allowance,9,China,1,cisf,1,Civil Accounts Organisation,1,Classification of Posts,3,come & play scheme,1,Commutation of Pension,3,compassionate ground appointment,15,Compensation Policy,5,Compensatory Allowance,1,Compensatory Leave,1,composite allowance,1,condiment allowance,3,Condiment expenditure,3,confedration,2,consatant attendance allowance,1,contract labour,15,contractual employees,3,Conveyance Allowance,4,Coronavirus,72,covid,71,cpao order,34,cpf,2,cpgrams,5,cpiiw,22,cpmf,1,cpse,88,cpse employees,25,cpse guidelines,29,cpse pay revision,2,cpse pension,5,CPSEs Pay,20,cpwd om,1,Cricket,4,cris,3,CRPF,1,CS(MA) Rules,6,CSBC,1,csd,7,csd price list,5,css,3,ctse,1,ctse hospitals lists,1,ctse hospitals mumbai,1,Current Affairs,308,cvc circular,3,d el ed,1,dad,6,daily officiating allowance,4,dearness allowances,79,dearness relief,39,Defence,423,Defence Civilian Employees,104,Delhi,3,delhi govt employee,2,delhi high court,13,dental doctor,2,departmental guest house,3,dept of post order,166,deputation,6,deputation allowance,5,desw,2,desw order,7,digilocker,1,diksha,2,disability pension,12,dlc,2,dma,2,Doctor Jobs,16,doe order,67,doea order,1,doppw order,28,DoPT Order,288,dot order,20,Download MedWatch App,1,Download MyMSME App,1,Download MyMSME App Celebrating Yoga,1,Download NEW ITR FORM,2,Download Swachh Bharat App,1,dpe om,47,dress allowance,14,dress code,1,dst om,1,EC,1,echs,59,ecil,1,edp cadre,1,EDUACTION,79,Education,11,educational qualification,8,Egineer Jobs,1,Election,5,Election Commission,5,Employment,6,Entertainment,2,entry pay,2,EPFO,44,ESIC,6,eview committee for nps,1,EVM,1,ews reservation,4,ex-gratia,4,Ex-Servicemen,16,exam,8,exempt from tax,7,expected da,31,extra work allowance,3,Extraordinary Pension,1,Facebook,8,fact jobs,1,Family Pension,119,FAQ,7,Featured,79,festival advance,2,festivals,1,FIFA,1,File ITR,70,Fin Min Orders,136,Finance,12,fitment table,3,Fixed Medical Allowance,13,Flipkart,2,Football,3,Forest Guard,1,forms,7,FREQUENTLY ASKED QUESTIONS ON GST,1,Games,12,Ganes,2,gazette notification,43,gazetted holidays,8,gdce,6,gdce instructions,6,gds,34,gds arrears,9,gds da,12,gds employees news,48,gds pay,16,gds report,19,gem portal,2,gfr,11,GOI News,570,Goods and Services Tax,50,Goods and Services Tex,1,Google,10,government of karnataka,1,Govt Jobs,14,govt of assam,2,govt of assam pensioner,1,govt of assam staff,1,govt of chhattisgarh,1,Govt Project,337,Govt Staff News,1296,Govt Yojna,323,gpf interest rate,7,GPF Rules,17,GPRA,8,Grade pay of mts,1,Grade pay of OT Assistant,1,Grade pay of SO,1,gratuity,14,group A,1,group B,3,group C,4,Group D,2,Gst,62,GST Rates Finder app,1,hafa allowance,1,Hardship Allowance,1,Haryana Govt Employees,5,Haryana Govt order,5,Haryana Govt Pensioners,2,hba rules,9,Health,27,High Court Judgement,20,high court order,17,hill area allowance,1,holiday,17,holiday list,26,Hollywood,2,homes.,1,honorarium,2,hostel subsidy,1,hp high court judgement,1,hpca,2,hr allowances,1,hra,15,HRA Allowances,39,iase jobs,1,iba,9,iba dr,4,ibps,2,icsil,1,ida cpse,24,income tax,99,independence day,1,India,3,India Post,61,Indian Airforce,60,Indian Army,84,Indian Navy,74,indian railway,14,IOCL Jobs,1,IRCTC,9,irms,3,irtsa,2,Island Special Duty Allowance,2,ISRO,1,it circular,1,iti ltd,1,ITR,74,j&k govt employees,4,j&k govt pensioners,1,Japan,1,Jharkhand,3,Jio News,8,jkssb,1,jnv,8,Jobs,56,jobs in orissa,1,Jobs News,151,karnataka,1,KC Committee report,5,kerala,4,Kerala Govt Employees,4,Kerala Govt Pensioners,2,kerala high court,1,Kolkata,1,KVS,72,kvs pension,6,labour Bureau,14,larsgess scheme,3,Latest,997,ldce,21,leave rules,16,lic pay,2,life certificate,6,life time arrear,1,List of Posts,1,Lok Sabha,194,LTC,63,ltc 80 air fare,19,Ltd Company Jobs,2,mAadhaar App,2,macp,70,macps,1,madhya pradesh high court,1,madras high court order,2,Make in India,2,Market,1,Maruti Suzuki Dzire,1,maternity benefit act,2,maternity leave,8,Medical advance,1,medical card,16,Medical claims,15,Meghalaya Govt Employees,1,merger of posts,3,MERIT app,1,mes,3,MGNREGA,3,mha,12,mhfw order,18,mhrd order,10,Microsoft,1,Microsoft News,1,minimum pension,2,minimum wages,24,mod order,47,mohfw order,40,monetary allowance,3,moped advance,1,MP,1,msp,2,mtnl,4,Municipal Corporation,1,mutual transfer,3,NABARD,2,nac meeting,1,Namami Gange,5,National,705,Navy pay Regulations 2017,2,ncjcm,88,nda,2,ndmc,1,ndrf,1,New Delhi,3,new TRCA matrix,8,nfir,83,NGT,1,night duty allowance,2,nomenclature,1,Non-functional Upgradation,4,Northeast Frontier Railway,1,northern railway,1,Notification,1,notional increment on retirement,12,npci,1,nps,89,nps updates,58,ntpc,1,nursing allowance,2,nursing perssonsel,4,NVS,17,odisha,3,odisha govt employees,1,odisha govt pensioner,1,operation theater allowance,1,ops,6,ordnance factory,3,orop,23,overtime allowance,11,paid holiday,5,PAN,7,paramilitary force,1,pass rules,14,Passports,1,patna high court judgement,1,pay commission,1,pay fixation,49,Pay Matrix Table for aicteTeachers,2,pay revision,10,pay rules,7,pay scale,2,pay slip,1,pbor,3,pcda circular,75,pco allowance,2,pda lists,3,pdca circular,9,Pension,282,Pension Adalat,6,Pension Adalat Application Form,4,Pension faq,22,Pension revision,26,pensionary benefits,10,Pensioner,239,Pensioner associations,3,Pensioner Portal,13,pfrda,19,pgportal,3,PGT TGT FCSA,1,phed,1,pl bonous,14,pl bonus,2,PM Modi,27,PMAY,5,pmjay,1,PMUY,1,PMVVY,1,pobr,1,Policies,649,Politics,38,post graduate allowance,1,post office,23,post-2016 pensioner,2,prcp in railway,6,pre-2006 pensioner,2,pre-2016 pensioner,6,President,2,Project Allowance,2,Promotions,47,Promotions policy,48,provident fund,4,provisional pension,2,puducherry,1,Railway,644,Railway Fare,1,Railway Recruitment,36,railway servants pass rules,5,rajasthan govt employees,5,rajasthan govt pensioners,3,rajbhasha,4,Rajya Sabha,53,Rashtriya Swasthya Bima Yojana,1,ration money allowance,2,RBI,12,re-enengagement,2,Real Madrid,1,Recruitment,42,recruitment rules,62,relhs,3,remote area allowance,1,remuneration,3,RERA Act,1,reservation,7,reservation criteria,29,Reservation In Promotion,2,reservation in teacher cadre,2,rest rules,1,restricted holidays,8,Result,6,retention of railway accommodation,2,retired saffs,27,retirement age,12,retirement benefits,8,Retirement Road Map,3,Retirement Yojna,1,review committee for nps,6,revised pay,38,revised pay matrix table,12,revised pension,4,revised vda,15,rilways,2,risk and hardship allowance,12,Rotation money allowance,1,Rotational transfer,3,rrb ahmedabad,1,rrb ajmer,1,rrb allahabad,1,rrb bangalore,1,rrb bhopal,1,rrb bhubaneshwar,1,rrb bilaspur,1,rrb chandigarh,1,rrb chennai,1,rrb gorakhpur,1,rrb guwahati,1,rrb jammu,1,rrb kolkata,1,rrb malda,1,rrb mumbai,1,rrb muzaffarpur,1,rrb patna,1,rrb ranchi,1,rrb secunderabad,1,rrb siliguri,1,rrb thiruvananthapuram,1,RS (RP) Rules,2,rsrp rules,5,running allowance,5,running staff,8,RUSA,1,s,1,SAARTHI App,1,sas exam,2,SBI,12,SBI Rules,7,scholarship,4,Science,17,Scientist,1,scova meeting,6,settlement form,1,Settlement of PLI/RPLI,1,SEVA App,1,Seventh Central Pay Commission,152,SKILL INDIA Mission,1,small saving scheme,20,sparrow,2,special allowance,8,special family pension,4,Special LC Gate allowance,1,Sports,18,Sports activities,5,ssc jobs,3,ssc jos,1,status of PPOs,9,storekeeping staff,1,strike,17,study allowance,1,study leave,1,Sukanya Samriddhi Account,3,Supreme Court,31,Supreme Court Judgement,29,Survey,1,syllabus,11,syndicate bank,1,Tarang Sanchar,1,Tatkal Reservation Scheme,1,Tax,31,tds deduction,48,teacher jobs,12,Tech,34,technical allowances,1,Telangana,3,telangana govt employees,2,telangana govt pensioner,1,Telangana High Court,1,Telcome,2,Telcome News,8,timely disposal of applications,2,TN Govt Employees,5,TN Govt Pensioners,3,tnusrb recruitment,1,Trade,1,trade unions,1,TRAI,1,training allowance,4,Transfer policy,46,transport allowance,9,Travelling Allowance,27,treasury allowance,1,Trending Now,131,trip allowance,1,tripura govt employees,2,tripura govt pensioner,1,tripura high court judgement,1,Trump,1,uan,1,Uber,1,ugc,1,uidai,3,UJALA Scheme,1,uniform allowance,2,UP CM Yogi Adityanath,2,UP Govt Employees,1,upgradation of pay,8,upgradation of post,1,UPPCL,1,Upper Caste reservation,9,uppsc,1,UPSC Jobs,10,USA,2,Uttar Pradesh,3,vacant posts,3,vrs,13,WB Govt Employees,1,Weather,2,West Bengal,5,west bengal govt employees,3,west bengal govt pensioners,1,Whatsapp,2,Windows 10 OS,1,World,62,World Press Freedom Day,1,You Tube,2,
ltr
item
Govt Employee News Updates, Rules, O.M, Notification: Amendments to Procedural Rules | Public Provident Fund Scheme in POSB(CBS) Manual - S.B. Order 08/2020
Amendments to Procedural Rules | Public Provident Fund Scheme in POSB(CBS) Manual - S.B. Order 08/2020
Amendments to Procedural Rules | Public Provident Fund Scheme in POSB(CBS) Manual - S.B. Order 08/2020
https://1.bp.blogspot.com/-huaXjkUstho/Xk4HV5IM8TI/AAAAAAAALME/AgWOTTI_z7Q3OX7P1K43ttWIIAwwn3X_gCLcBGAsYHQ/s320/amendments-to-procedural-rules-ppf-scheme-dop.png
https://1.bp.blogspot.com/-huaXjkUstho/Xk4HV5IM8TI/AAAAAAAALME/AgWOTTI_z7Q3OX7P1K43ttWIIAwwn3X_gCLcBGAsYHQ/s72-c/amendments-to-procedural-rules-ppf-scheme-dop.png
Govt Employee News Updates, Rules, O.M, Notification
https://www.paramnews.com/2020/02/amendments-to-procedural-rules-ppf-scheme-sb-order-08-2020.html
https://www.paramnews.com/
http://www.paramnews.com/
http://www.paramnews.com/2020/02/amendments-to-procedural-rules-ppf-scheme-sb-order-08-2020.html
true
2671314941044517342
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy Table of Content