As per the brand new modifications, traders can ship an authorised particular person on their behalf to gather the funds from the submit workplace department
India Publish has provided its senior citizen traders, who’ve invested within the Public Provident Fund (PPF) and the Senior Residents Financial savings Scheme (SCSS), the choice to withdraw funds partially from their account with out having to go to any India Publish department.
The traders can ship an authorised particular person on their behalf to gather the funds from the department. The power has been launched to supply assist to old-age pensioners who’re unable to journey to the submit workplaces owing to old-age infirmities.
Here is how you can authorise an individual to gather the PPF or SCSS funds:
- Fill and signal the SB-12 type. This facility can be utilized solely by literate residents. Within the case of a survivor, she or he can signal the the SB-12 type to authorise the personnel for withdrawal of funds
- Account holders additionally have to fill and signal the SB-7 type or SB-7B type for the method of partial withdrawal and account closure
- The authorised particular person should produce a self-attested copies of their identification proof and handle proof in addition to that of the account holder
- The particular person will even should submit a passbook to withdrawal of funds
- India Publish officers will course of the transactions after matching the signatures of the account holders
By this facility, the funds might be made out there both by cheques or be credited to a checking account or submit workplace financial savings account of the investor.
Each the PPF and SCSS are common with traders. The SCSS is a government-backed retirement financial savings programme that pays curiosity at an annual price of seven.4 p.c. The scheme comes with a tenure of 5 years and contributions to the SCSS are eligible for tax deduction as much as 1.5 lakh beneath Part 80C of the Earnings Tax Act.
The PPF comes with a set tenure of 15 years, however partial withdrawals are relevant from the seventh 12 months. The triple tax break of the scheme is a large draw for traders.
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