Now, India Post has allowed senior citizens who invest in PPF or SCSS funds to withdraw their funds partially without them going to the branch
India Post offers several services, including investment schemes to Indian citizens, with the most popular scheme being Public Provident Fund (PPF) and the Senior Citizens Savings Scheme (SCSS). Both the schemes are popular among senior citizens, as PPF saves tax and SCSS is a government-backed retirement savings programme.
Now, India Post has allowed senior citizens who invest in PPF or SCSS funds to withdraw their funds partially from their investment without them needing to visit any branch. They can send an authorised person to an India Post branch to collect funds on their behalf.
This facility was launched by India Post with an aim of providing support to old-age pensioners who are not able to go to post offices to withdraw funds, or other facilities related to their account.
The funds, through this facility, will either be made in cheque or, credited into a post office savings account or bank account of the investor.
By following the steps below, senior citizens can authorise an individual on their behalf to collect their PPF or SCSS funds from a post office branch:
- Fill out the SB-12 form and sign. It should be noted that this process can be carried out by literate senior citizens, and in the case of a survivor, he or she can sign to authorise the personnel.
- For account closure or partial withdrawal, account holders also need to fill out and sign the SB-7 form or SB-7B form, respectively.
- Attach a self-attested copy of ID and address proof of the account holder as well as the individual authorised to withdraw funds
- The individual also needs to submit a passbook in the post office branch to withdraw funds.
- The transaction will be finalised after post office officials will match the signature of the account holders and then issue funds.
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