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Do you have an inactive NSC, PPF, MlS or RD account? Know why Post Office may freeze it
- Written by Angana Pal Chinya
Published: Zee Business| Updated: Zee Business
The Department of Posts (DoP) has issued a fresh directive to safeguard depositor interests by initiating a routine freeze on matured small savings accounts that remain inactive for over three years post-maturity. As per the latest order, this account-freezing exercise will now be conducted twice a year to identify and secure such dormant funds. Here's everything you need to know.
(Images: Unsplash, Pixabay)
1/5
Why are Post Office accounts being frozen?
1/5To safeguard depositors’ money and improve compliance, DoP will conduct a freezing exercise twice a year, on June 30 and December 31.
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Which Post Office accounts are at risk?
2/5NSC, PPF (if not extended), MIS, RD, TD, SCSS, and KVP accounts will be frozen if left inactive for over three years after maturity.
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What happens when an account is frozen?
3/5All activity stops. No deposits, withdrawals, or online access. The account will be marked as ‘INOP: inoperative more than 3 years’.
4/5
Who is likely to be most affected by this rule?
4/5Senior citizens and small investors who often let funds lie idle for longer terms post-maturity, either to earn extra interest or due to oversight, should be extra cautious.
5/5
Which documents do you need to unfreeze your account?
5/5Carry your passbook or certificate, PAN, Aadhaar, mobile number, and a filled SB-7A closure form to your nearest post office.
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