The Department of Economic Affairs, Ministry of Finance, recently issued guidelines for regularization of irregular Public Provident Fund accounts opened in deviation of small savings schemes' rules via post offices.
Guidelines have been issued for regularization of PPF accounts opened in the name of minors, for multiple PPF accounts and relating to the extension of PPF accounts by NRIs.
The ministry issued a circular on August 21, 2024, laying down the guidelines for processing the cases of regularization of irregularly opened accounts under various National Small Savings Schemes through post offices.
New rules for regularisation of irregular PPF, Sukanya Samriddhi Yojana, other small savings schemes with effect from October 1, 2024 have been explained in the circular.
According to the circular dated August 21, 2024, "lt needs to be noted that the power to regularise irregular small savings accounts are vested with the Ministry of Finance.