According to the circular, “In order to provide more digital transaction facilities to the POSB customers, the undersigned is directed to say that the introduction of online account opening and closing for Public Provident Fund (PPF) in DoP Internet Banking Now DOP Internet Banking users can open and close PPF Account online.”
The procedure for opening and closing PPF accounts is available under the ‘General Services’ tab of the Post Office Internet Banking service. Note that the PPF account will be opened in the name of the Post Office Internet Banking user. Also, the nominee for the PPF account will be similar to the savings account of the subscriber.
Here is how you can open and close PPF account online through Post Office Internet Banking.
Online PPF Account Opening Through Post Office Internet Banking
step 1: Log in to your Post Office Savings Account Internet Banking using your User ID and Password
step 2: After logging in, click on the ‘General Services’ tab and select ‘Service Requests’.
step 3: Under ‘Service Request’, click on ‘New Request’ and select ‘PPF Accounts – Open a PPF Account’.
step 4: Enter the deposit amount. The minimum deposit account is Rs 500 and the maximum is Rs 1.5 lakh.
Step 5: Select the Post Office Savings Account from which the money will be debited.
Step 6: Select ‘Click Here’ to accept the Terms and Conditions.
Step 7: Click on ‘Submit’ and you will be required to enter the transaction password.
Step 8: After entering the transaction password, click on ‘Submit’.
You can now view or download the Deposit Receipt. Keep this receipt with you till the money is deposited in your PPF account. You can view your PPF accounts under the ‘Account’ tab.
Online Closure of PPF Account through Post Office Internet Banking
Before starting the process of closing your PPF account, note that only mature accounts (who have completed the mandatory 15 years) can be closed under this option. In case you wish to close your PPF account prematurely, the PPF account holder needs to submit a closure form and other relevant documents at the respective post office branch.
ppf account closure process online
step 1: Log in to your Post Office Savings Account Internet Banking using your User ID and Password
step 2: After logging in, click on the ‘General Services’ tab and select ‘Service Requests’.
step 3: Under ‘Service Request’, click on ‘New Request’ and select ‘Closing PPF Accounts’.
step 4: Select the PPF account to be closed and select the Post Office Savings Account in which the maturity amount will be deposited.
Step 5: Click on ‘Submit’ and you will be required to enter the transaction password.
Step 6: After entering the transaction password, click on ‘Submit’.
After successful submission, you can view/download the closure receipt. Keep it till the maturity money is deposited in your post office savings account.