Small Savings Scheme Investors: Here's This New Relaxation For You

This relaxation is specially for investors in the rural areas and after subsequent request on allowing deposit of recurring payments into different small savings schemes via withdrawal form or SB-7 only as these Gramin Dak Sevak (GDS) post offices do not have cheque facility for their post office savings account.

Thereby giving relief, it has been decided that withdrawal form together with savings bank passbook would suffice for recurring deposits as well as new account opening in GDS branch post offices.

In a notification the department states that for subsequent deposits in RD, savings account, Sukanya Samriddhi Yojana or PPF, there has been allowed subsequent deposits up to a maximum of Rs. 5000 via withdrawal form (SB-7) at GDS Branch Post office. The same is applicable for opening of new accounts with up to Rs. 5000 via withdrawal form.

And if the deposit is over Rs. 5000, these documents shall be required:

1. Withdrawal form
2. Post office savings account passbook
3. Pay in slip along with passbook of SB/RD/SSY or PPF account.

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