PPF, Sukanya Accounts May Be Frozen After Maturity. Check What You Must Do In Time
Accounts that are not extended for reinvestment or closed within three years of maturity will be frozen, as per the advisory, restricting any further access or transactions
The Postal Department has issued an important advisory for investors in popular small savings schemes like the Sukanya Samriddhi Yojana, Public Provident Fund (PPF), National Savings Scheme, and the Senior Citizen Savings Scheme. The department has warned that discrepancies or errors in managing these accounts could lead to them being frozen, restricting all withdrawals and transactions until the issues are resolved.
The advisory highlights that accounts which have not been extended for reinvestment or closed within three years of maturity will be at risk. If three years have passed since the maturity date and no action has been taken, the department will freeze these accounts. Consequently, account holders will be unable to access their funds.
This measure is designed to protect accounts from fraudulent activities. The Postal Department states that inactive accounts are vulnerable to scams, and freezing them is a preventive step to safeguard investors' money from illegal withdrawals.
The department stated that this process will now be carried out twice a year to safeguard investors' hard-earned money. Investors in small savings schemes should note that within three years of maturity, they must either withdraw the funds or reinvest them to avoid complications.
The accounts under scrutiny include PPF, Sukanya Yojana, NSC, RD, fixed deposits, monthly income schemes, Kisan Vikas Patra, and the Senior Citizen Savings Scheme. Once frozen, these accounts will be inaccessible for any transactions, including online transfers.
How Can The Account Be Reactivated?
For reactivating a frozen account, the Postal Department has provided a clear procedure. Account holders must visit the postal office and submit their account passbook, KYC documents, and account closure form SB 7A. The account will then be closed, and the remaining balance will be handed over to the account holder. Account freezing will be carried out twice a year, on January 1 and July 1, as per the new schedule. The entire freezing process will be completed within 15 days.
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First Published:
July 18, 2025, 16:21 IST
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