If you have Post Office Savings Bank (POSB) account, then you can now open and close a Public Provident Fund (PPF) account through internet banking offered by the Department of Posts (DOP). According to DOP, the ‘General Services’ tab of DOP Internet Banking contains the option for opening and closing a PPF account.
ustomers should note that the new PPF Account will be opened in the name of DOP Internet Banking user and the nominee will be the same as registered in the linked POSB account. Also, only matured PPF accounts can be closed online. Check out the procedure for opening and closing a PPF account below:
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How to open a PPF account online?
- Log in into DOP Internet Banking, direct link here PPF account
- Click on ‘General Services’, then go to ‘Service Requests’
- Click on ‘New Requests’, go to PPF Accounts
- Click on ‘Open a PPF Account’
- Deposit the amount you want to open your account with (the minimum amount required is Rs. 500)
- Select the linked POSB account from which you want to debit the amount
- Click on ‘Click Here’ to read the terms and conditions and accept them
- Submit online, then enter the transaction password
- Submit, then View/Download Deposit Receipt
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How to close a PPF account online?
- Login into DOP Internet Banking and go to the ‘General Services’ section.
- Under the ‘Service Requests’ section, click on ‘New Requests’
- Select the option ‘Closure of PPF Accounts’ and select the PPF account to be closed.
- Select your PO Saving Account as the credit account and click on ‘Submit Online’.
- Enter the transaction password and submit the application online.
- You can view or download the closure receipt.
