No paperwork needed: Open Post Office Public Provident Fund (PPF) and RD accounts with e-KYC now

The Department of Posts has enabled Aadhaar-based e-KYC functionality for Post Office Public Provident Fund (PPF) and Post Office Recurring Deposit schemes. This will enable investors to open PPF and RD accounts without paperwork.

• Opening of RD and PPF scheme accounts
• Acceptance of deposits in RD & PPF accounts
• Opening of RD loan and PPF loan accounts
• Disbursement of RD loan and PPF loan amount, irrespective of the amount
• Withdrawal from PPF accounts irrespective of the limit on the amount
• Repayment of loan in RD and PPF accounts

No paper vouchers required

The Department has asked all its offices not to collect any pay-in-slip or withdrawal vouchers for any amount of credit in these accounts.

"Pay-in-slip (deposit) or withdrawal vouchers shall not be collected for any amount of credit and debit in RD, PPF, RD Loan and PPF Loan accounts while performing transactions through eKYC," the order said.

"While opening the RD and PPF accounts on Aadhaar Authentication basis, the amount written by the depositor in the Account Opening Form (SB-eKYC-AOF) shall be considered as amount of initial deposit in RD and PPF accounts," it added.

Transfer from Post Office Savings Account to PPF, RB

If the depositor desires to transfer the funds from Post Office Savings Account for opening of RD accounts, the debit account should be either Single or Joint B type account of the depositor, the order said.

"In case the account is opened on transfer of funds from the PO Savings Account of the depositor, withdrawal form (SB-7) shall not be collected, as the account is opened through biometric authentication of the depositor," the order added.

The department is further developing functionalities like Account Closure, Transfer of Accounts, change of nomination (Account Modification), etc., through biometric authentication. Meanwhile, these operations shall continue to be performed through the existing method.