India Post has now allowed investors above 60 to withdraw funds partially from their investment accounts without the need to visit any branch.
New Delhi: India Post, previously known as the Department of Post, offers a slew of investment schemes to Indian investors. Some of the most notable schemes include Public Provident Fund (PPF) and the Senior Citizens Savings Scheme (SCSS). Both the schemes are popular, especially among senior citizens.
Now, aiming to offer relief to senior citizens, India Post has now allowed investors above 60 to withdraw funds partially from their investment accounts without the need to visit any branch.
Senior citizens can now send an authorized person to collect the funds on their behalf from any branch. India Post launched the facility to support old-age pensioners who are not able to attend post offices for withdrawal or loan or closure or premature closure of their accounts. The payment is either made in cheque or is credited into a post office savings account or bank account for the safety of the investor.
Here’s how senior citizens can send an authorized person to withdraw PPF funds:
Senior citizens need to follow the following simple steps to authorize an individual to collect PPF or SCSS funds from a post office branch:
1. Sign a duly filled form SB-12. Only literate senior citizens will be able to use the facility. In the case of a survivor, he or she can sign the form to authorize the personnel.
2. Account holders also need to sign the SB-7 form or SB-7B form for account closure or partial withdrawal.
3. The individual will have also have to produce a self-attested copy of ID and address proof of the account holder as well as the authorized person.
4. The person will also have to submit a passbook to withdraw funds.
5. Officials at the Post Office will match the signatures of the account holders before processing the transactions.