As per the Public Provident Fund (PPF) Scheme rules, an individual cannot have more than one PPF account. However, many people still inadvertently end up opening more than one PPF account by mistake. This happens if they open PPF accounts with two different banks or with a post office and a bank. In such a situation, there are consequences.,under armour icon volleyball shoes
The Department of Posts issued a circular recently giving details of consequences of having multiple PPF accounts and the process of merging multiple PPF accounts into one single PPF account. As per the circular, whenever any depositor has opened more than one PPF Accounts, the second and subsequent accounts opened are treated as irregular, as an individual can open only one single account under PPF Scheme.,basketball uniform in usa
dafabet kenya mobile login,In such cases, considering the requests of the PPF subscribers, the Department of Economic Affairs, Ministry of Finance regularizes such irregular accounts/deposits by amalgamating more than one PPF accounts into one account, in relaxation of rules. On receipt of the concurrence of Ministry of Finance for amalgamation of more than one PPF accounts, which were opened irregularly, the Post Offices shall follow the Standard Operating Procedure (SOP) for amalgamation of accounts.
If there is any outstanding loan in any of the PPF account to be merged, the depositor shall be requested to repay the entire outstanding loan amount along with the interest. That is, if there is any PPF loan account, it should be closed before the amalgamation of accounts is done During the process of amalgamation, the interest calculation is required to be done manually by the Head Post Offices. The interest calculation shall be done by the Post Office Counter Officials and verified and authorized by Supervisor/In-Charge, SBCO.,basketball court to play near me
under armour icon volleyball shoes,How multiple PPF accounts can be merged:
1. If PPF deposits do not exceed the prescribed limit:,basketball coach eddie sutton
Accounts, where the deposits made in both the accounts taken together are within in the prescribed deposit ceiling, as applicable to the account from time to time, shall be allowed to be amalgamated and the account holder will be given an
option to retain the account of their choice. The PPF accounts in the same operating agency could easily be amalgamated at the level of operating agency by adopting the procedure of transfer of the PPF account.
The amalgamation of PPF accounts in different operating agency requires interaction between both the operating agencies. In such cases, the depositor will submit the request for amalgamation to the accounts ofiice (Accounts office means Post Office or Bank) where they intended to retain the account, along with photocopy of the passbook/statement of account. Thereafter, the accounts office will forward the case to other accounts office (where the account stands which is to be merged) and request to verify/ send the details of annual subscriptions of all the financial years. ,tennis trainer teloon
The accounts office will then work out the annual subscriptions deposited by the account holder in all the PPF accounts keeping in view the prescribed deposit ceiling under PPF scheme declared by the Government from time to time. On confirming subscriptions do not breach prescribed deposits ceiling of any of the financial year, the accounts office will request the other accounts office to close the account and transfer the balances in the account keeping in view
the relevant provision of the PPF Scheme.
The date of opening of the retained account shall be deemed as the actual opening of the account for the calculation of maturity and other purposes. Date of actual transfer/credit of balance in the account which is to be retained, shall be deemed to be the date of deposit for the purpose of loan/withdrawal etc.,anderson usa volleyball player
2. If PPF deposits exceed the prescribed limit:,handball world cup 2021 croatia
Where the deposits made in both the accounts taken together are in excess of the prescribed deposit ceiling, applicable from time to time, the excess amount breaching the limit will be refunded to the subscriber from the account to be amalgamated without any interest. The accounts office will adjust the interest entry before transferring the balance to the account office, where the account stands intended to be retained.,opera soccer news now
The date of opening of the retained account shall be deemed as the actual opening of the account for the calculation of maturity and other purposes. Date of actual transfer/credit of balance in the account which is to be retained, shall be deemed to be the date of deposit for the purpose of loan/withdrawal etc.,football today result
basketball player goggles,Suppose an individual has two PPF accounts where one was opened on April 4, 2018, and another one was opened on April 4, 2020. Here's how the merger of two PPF accounts will be worked out if we assume interest rate at 7% and maximum amount allowed as Rs 1.5 lakh.
If the amalgamation of the above two accounts are ordered, the annual subscriptions made in both the accounts are to be worked as:,basketball australia results
If the depositor requests to retain Account 1, the new amalgamated account will be opened with the date of opening as April 4, 2018, and the following ledger entries will be uploaded:,opera soccer news now
basketball court to play near me,If the depositor requests to retain Account 2, the new amalgamated account will be opened with the date of opening as April 4, 2020 and the following ledger entries will be uploaded:
The transactions shall be balanced in Finacle as follows:,tennis game for switch
(Picture Source: Department of Posts Circular),roulette wheel images