SB Order No. 05A/2024

No. FS-113-03/2024
भारत सरकार/ Government of India
संचार मंत्रालय / Ministry of Communications
डाक विभाग / Department of Posts
वित्तीय सेवाएं प्रभाग / (Financial Services Division )

Dak Bhawan, New Delhi - 110001 
Dated: 11.10.2024
To
All Heads of Circles / Regions
Subject: Clarification on SB order 05/2024 on Guidelines of regularization of accounts opened in deviation of Rules stipulated under National Small Savings Schemes.

Madam / Sir,
Kindly refer to SB Order No. 05/2024 dated 21-08-2024 conveying guidelines related to regularization of accounts opened in deviation of Rules stipulated under National Small Savings Schemes. In connection with the above guidelines, the following clarifications have been issued by Department of Economic Affairs, MoF vide OM No. 14/1/2018-NS- Part (1) dated 30.09.2024:

(a). All accounts opened under NSS 87 and NSS 92 will earn zero rate of interest, w.e.f. 01.10.2024.

(b). Minor with guardianship can continue to hold PPF account or open a new account and will get prevailing PPF scheme interest rates (currently at 7.1 % per annum). The new guidelines only apply to those cases which were irregularly opened (i.e. a minor account without Guardianship). The purpose of the guidelines is to regularize, in public interest, those PPF accounts which were opened by small investors in contravention to the extant PPF rules.

3. A copy of DEA, MOF's OM No.14/1/2018-NS- Part (1) dated 30.09.2024 is attached herewith for reference.

4. It is requested to circulate it to all concerned for information, guidance, and necessary actions.

5. This issues with the approval of the Competent Authority. 

Encl: As above.

Yours faithfully
(P.Ajit Kumar) Assistant Director (SB-I)


Copy to:-
1. Sr. PPS to Secretary (Posts)
2.PS to Director General Postal Services.
3. PPS/ PS to Addl. DG (Co-ordination)/Member (Banking/Member (O)/Member (P)/ Member (Planning & HRD)/Member (PLI)/Member (Tech)/AS & FA
4. Addl. Director General, APS, New Delhi
5. Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate /CEPT
6. Sr. Deputy Director General (Vig) & CVO)/ Sr. Deputy Director General (PAF) 7. Director, RAKNPA/ Directors of all PTCs
8. Director General P & T (Audit), Civil Lines, New Delhi
9. Secretary, Postal Services Board / All Deputy Directors General
10. All General Managers (Finance) / Directors Postal Accounts/DDAP
11. The Under Secretary, MOF (DEA), NS-II Section, North Block, New Delhi. 12. The Joint Director & HOD, National Savings Institute, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi-110002
13. All recognized Federations / Unions/Associations 14. Guard File/e-File.
(P. Ajit Kumar)
Assistant Director (SB-1)

Clarification on SB Order 05/2024 on guidelines of regularization of PPF accounts