PPF, SCSS, post office savings scheme rules eased: Here is everything that's new
Department of post have good news
for Crores of the people who have invested in the Public Provident Fund (PPF), Senior
Citizen Savings scheme (SCSS), post office savings scheme. Rules have been
eased to make claim process hassle free for account which don’t have specified nominee.
Investors must know these new rules on these schemes.
Till now, in cases wherein there was
no nomination registered in any of the post office schemes, the legal heir(s)
of the investor had to furnish the succession certificate. Till then the money
would remain unclaimed with the post office. The new rules provide powers to specified
post office authorities to sanction the claim amount even without the
production of succession certificate. However please note that new process can
be initiated only after six months from the death of the investor.
The Department of Posts (DoP)
through an order dated 20th May has vested certain powers to specified
authorities to sanction the claims of legal heirs of the deceased investor
regarding post office savings schemes.
However, an addendum issued on 29th
August 2019, made these changes to Public Provident Fund (PPF) and Senior Citizen
Savings Scheme (SCSS) as well
These rules are applicable with
immediate effect.
As per the revised rule:
"The authorities mentioned below are competent to sanction claims without
production of legal evidence up to the limit noted against each, after expiry
of six (6) months from the date of death of the depositor, if no
succession certificate or probate of will or letter of administration of the
deceased estate is produced during the period or up to the date of
sanction."
Post office order can be accessed
here.
These rules will be applicable even
in applicable but pending cases wherein claim is not yet disbursed
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