More than one PPF account for the same depositor
a) This
is the most common scenario now a days we are seeing in the office
after the introduction of Finacle and after the evaluation of CBS.
b) This
type of regularization is very much available earlier itself, but due
to unaware of these things our staff become scapegoats for the irregular
accounts opened in this category.
c) The
officials should be more vigil, and they have to follow the procedure
for regularization of this kind of irregularly opened accounts.
d) The
primary account shall earn the interest @ of interest. The Primary
account can be chosen by the depositor amongst the first 2 accounts
opened. This will be continued and the secondary account will be closed.
e) That means the depositor may choose the 2ndly opened account to be continued.
f) The
balance in the secondary account will be merged with the primary
account subject to the maximum ceiling limit applicable in each year.
g) If the deposits of a particular year exceeds the allowed maximum then excess without interest will be refunded.
h) After merger, the secondary account will be closed and the primary account will be continued.
i) The 3rd and more accounts will be closed without any interest .
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