If your post office account is not active for many years, then it can be closed. The postal department has issued new rules for small savings schemes (SCS) accounts. The account can be closed if these rules are not accepted. Now the account holders will have to close them within 3 years if they are policy matured. If this is not done then the post office can freeze such accounts.
These new rules are applicable to small savings schemes like Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Post Office Monthly Income Scheme (MIS), Post Office Saws Deposit (TD) Post Office Recurring Deposit (RD).
In an order issued on July 15, the postal department has issued new rules to freeze the small savings scheme accounts which were not closed after a three -year maturity period. The purpose of this step is to protect investors’ money. Under the new rules, the post office will now identify passive and mature small savings accounts and freeze them twice a year, if the customers have not been formally expanded.
When will the accounts be freeze?
The postal department has said that now the process of freezing the accounts will be done twice every year to keep the hard earned money of the people. This process will start every year on 1 January and 1 July and will be completed within 15 days. The accounts which have been on the date of maturity will be freeze.
In this way, understand a new rule
For example, the accounts which will be three years old by June 30 can freeze in 15 days after 1 July. Similarly, the accounts which will be three years old by 31 December can be freezed in 15 days after January 1. If you do not want your savings account freeze, then you will have to apply for extension on time. This new rule has come when the government has recently announced to keep the interest rates of all small savings schemes without changes for the quarter of July to September 2025.