How and where to file online complaint for post office saving schemes?

For the people who have invested in the post office saving schemes, National Savings Certificates, Public Provident Fund and Senior Citizens’ Saving Scheme, there is a single window for registering complaints about products, distribution or services.

The complaints can be registered on the site of the National Savings Institute, which was set up by the Department of Economic Affairs to streamline the distribution of small saving schemes by the government. It also provides a grievance redressal mechanism to investors. Once registered, the complaint is directed to the respective regional centre for its speedy resolution.

Where to register: The complaint has to be registered on the Website http://www.nsiindia.gov.in/Complaint.aspx. The complainant must identify himself as an investor, distributor or belonging to any other specified category.

Information: It is mandatory to mention the state and district to which the complaint belongs. Based on this, the complaint is assigned to the appropriate regional centre for resolution.

Complaint code: For each registered complaint, a code is generated on the basis of the information provided.

Additional information: If the investor wants to send additional information and scanned documents to support his complaint, these have to be sent to [email protected]

Reminder: Investors can also use the system to track the status of complaints that are registered. To do so, they need to refer to the complaint code.

Points to note

Address: The complainant needs to provide the complete postal address to receive further communication on his grievance.

Limit: The complaint has to be written in the space provided in the online form and should not exceed 2,500 characters.

FAQ on Public Provident Fund (PPF)

Is the benefit of Tax Deduction under section 88 of the Income Tax Act available to a spouse when he or she contributes to the Public Provident Fund account maintained by the other ?

Permissible ! The benefit under Section 88 is admissible to both, a husband contributing to the wife's account and the wife contributing to the husband's account. However, there is one condition, the contributions should be made out of the contributor's taxable income.

If one wishes to continue a PPF account after the completion of a 15 years tenure, is it better to go for extension in blocks of five years or should one start a fresh account after closing the previous one ?

If you close the account and open another fresh PPF account , you have access to 100% of your account balance, while extending the same account for a block of five years give you access to only 60% of your account balance at that time. This means that a large amount of money gets blocked for five years. Starting a fresh account gives you the opportunity to decide the amount you want to invest with the entire maturity amount at your disposal. This is an important factor keeping in mind the recent interest rate cut.

For how many years can a PPF account be extended after the initial 15 years of operating a PPF account ?

After the PPF account has been in operation for 15 years, it can be extended for a duration of five years at a time. There is no limit, extensions can be taken any number of times.

What is the procedure for transfer of a PPF account from one branch of a bank to another branch, or one post office to another post office ?

Simple ! PPF Account Transfers Forms are available with the postmaster, fill up the form and submit for transfer.

What is the procedure for transfer of a PPF account from a Bank to a post office ?

The State Bank of India/its subsidiary will issue an "Account Payee Cheque" or a Demand Draft for an outstation transfer. The "Account Payee Cheque" will be in favour of the transferee Head Post Office along with a certified copy of the ledger and all other related records in original like –

    • application for opening the account
    • application form
    • signature cards and
    • nomination forms.

    The cheque/draft will be drawn by designation and will indicate that it relates to PPF Account No……….. On receipt of the PPF account on transfer with the cheque or draft from the bank, the account will be opened at the transferee Head Post Office like any other new account is opened. The transaction will not be included in the credit transfer journal but will be entered in the list of transactions like other new accounts opened by cash.

    Can the PPF account be attached ?

    Yes, the PPF account can be attached by the Income Tax and Estate Duty authorities. The PPF act only gives the account holder immunity against attachment under a decree / order of a court of law.

    Can I open an account in the name of a minor ?

    Certainly. Under the Public Provident Fund Scheme, an individual may open one Public Provident Fund account on behalf of a minor child of whom he is the guardian. It may be reiterated that only one account may be opened in one name. Thus, if a guardian opens an account on behalf of a minor child, another guardian cannot open an account on behalf of the same minor child.

    What is the rate of interest in a PPF account ?

    The interest rate in a PPF account for the year 2001-2002 is 9.5%.

    In the event of the death of a guardian, in relation to a minor, should the PPF account in the name of the minor be closed and a new account opened ?

    In such a case, the minor is treated as subscriber. The amount in his/her account does not become payable on the death of the guardian. Under Section 8 of the PPF Act it becomes payable only on death of the subscriber. In case of death of guardian the account of minor remains operative and a new account need not be opened. The surviving natural guardian or a guardian appointed by a competent court may continue the account of minor after producing the necessary guardianship certificate.

    In the event of the death of the minor subscriber is the balance in the account payable to the guardian ?

    No, the guardian is not entitled to the payment of the balance. The balance in such cases is payable to the legal heirs of the minor, in accordance with Section 8 of Public Provident Fund Act and para 12(6)(ii) of the Public Provident Fund Scheme.

    Is there any fee for cancellation or variation of nomination the way it is charged in a savings accounts ?

    No, don't worry there isn't. Rule 12 of the Scheme has no provision for any such fee, therefore there is no fee for cancellation or variation of nominations.

    Can a person having a PPF account in the State Bank open another account in the post office and vice-versa ?

    Absolutely not ! An individual can have only one account in his/her name, either in the post office or in the State Bank and is required to declare this in the account opening application form.

    Can a PPF account be allowed to continue if the total deposit in a financial year falls short of Rs.100/- or should it be closed without interest ?

    If a subscriber does not subscribe Rs. 100/- in the first year, subscriptions paid by him will be refunded to him without interest, simply because the account is not considered as validly open. But if the subscriber after paying Rs. 100/- in the first year, defaults on the minimum subscription in the following year, he can continue with his PPF account only after paying the Accounts Office the prescribed default fee along with the arrears in the subscription.

    Can one get a loan or withdraw money from those accounts to which regular subscriptions haven't been made every year ?

    No, because a subscriber who has not maintained his subscriptions in the account as per Rule 3 of the Scheme and has defaulted on his subscriptions in any year, will not be eligible either for a loan or for a partial withdrawal from the account. This will be allowed only if the person pays the subscription arrears along with the default fee.

    Frequently Asked Questions (FAQ) on Post Office Banking

    Frequently Asked Questions (FAQ) on Banking

    1. How can I claim payment of deceased account / certificate holder

    2. How to transfer accounts and certificates?

    3. How to open an account in post office and its requirements?

    4. What is silent account and how to revive it?

    5. What are late payment fees for recurring deposits?

    6. What is the procedure for the issue of duplicate certificates?

    7. How I get duplicate passbook?

    8. What are the norms for issuing a Cheque Books?

    9. What are the service charges for outstations cheque?

    10.Can Monthly Income Scheme (MIS) interest be credited to RecurringDeposit (RD) account?

    11.What is the minimum balance required for an account?

    12.How I can get encashment of certificates / account before maturity?
     
     

    1. How can I claim payment of deceased account / certificate holder?

    The claimant may be the nominee or legal heir.

    If there is nomination, the nominee can prefer the claim in the prescribed form alongwith death certificate.

    If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required. Claim upto one lakh cane be settled.

    If the claim is exceeding one lakh, claims can be settled by legal evidence ie, by probate of will or succession certificate.
     

    2. How to transfer accounts and certificate?

    FAQ on Indian Postoffice schemesFor transfer of accounts- the depositor should apply in the prescribed form[lSB10(b)] or  manual application. The application can be given either in transferring office or transferee office.

    For transfer of certificates- the investor should apply in the prescribed form[NC32]. The application may be given in either of the offices.
     

    3. How to open an account in post office and its requirements?

    To open an account [Savings Bank(SB), Recurring Deposit(RD), Time Deposit(TD), Monthly Income Scheme(MIS) SB3, SB103 (pay-in-slip) and specimen signature slip for SB and TD are required.

    For senior citizen accounts, separate forms are to be used. For SB account introduction is compulsory.
     

    4. What is silent account and how to revive it?

    When there is no transaction in an SB account continuously for 3 financial years, the account will be treated as silent account.

    For revival, one application from the customer is required. LSG/HSG offices can revive the accounts independently. Remaining offices, HO will revive the accounts.

    If the balance in the silent account is less than minimum, then Rs. 20/- will be debited towards service charges.
     

    5. What are late payment fees for recurring deposits?

    The monthly deposits should be credited on any day of the month. If the monthly instalment is not credited for any particular month, then it becomes a default. The defaulted months can be credited subsequently (for Rs. 10/- denomination, 0.20 paise for each month of default) maximum 4 defaults are allowed.
     

    6. What is the procedure for the issue of duplicate certificates?

    The investor should apply in the prescribed form for duplicate certificate om respect of lost, stolen, destroyed, mutilated or defaced certificates (NC29).

    The application shall be accompanied by a statement showing particulars of certificates and furnish an indemnity bond in the prescribed form with one or more sureties or with a bank guarantee is required.

    In case of mutilated or defaced certificates, no indemnity bond is required.
     
    7. How I get duplicate passbook?

    Application in the prescribed form or manuscript application may be given by affixing prescribed fee in the form of postage stamp. New duplicated Passbook will be issued by sub post offices only.
     
    8. What are the norms for issuing a Cheque Books?

    Cheque books are issued in respect of cheque accounts

    In cheque accounts, minimum balance should be Rs. 500/-
     
    9. What are the service charges for outstations cheque?

    Cheque realisation charges for outstation cheques.

    Rs. 30/- for first thousand or part

    Rs. 31/- for each additional thousand or part

    In case of bouncing of cheque Rs. 50/- is charges as service charge.
     

    10.Can Monthly Income Scheme (MIS) interest be credited to RecurringDeposit (RD) account?

    No. There is no provision. Interest amount can be credited to SB account and after that from SB to RD is permissible.
     
    11.What is the minimum balance required for an account?

    Minimum balances in respect of different types of account is given below.

    SB(cheque account) Rs. 500/-

    SB(non cheque account) Rs. 50/-

    MIS Rs. 1000/-

    TD Rs. 200/-

    PPF Rs. 500/-

    Senior Citizen Rs. 1000/-
     
    12.How I can get encashment of certificates / account before maturity?
     

    NSCs No premature encashment possible. Lock up period is six years

    KVPS Premature encashment is possible after 2 years 6 months. Proportionate amount as per the table is payable

    Different Savings Accounts

    SB Can be closed at any time
    RD Premature closure permissible after 3 years – only SB rate is permissible
    TD Premature closure permissible after 6 months
    MIS Premature closure permissible after 1 year
    Senior Citizen Premature closure after 1 year