PSU banks, 4 private banks to handle PPF

NEW DELHI: Public-sector banks that have computerised branches have been allowed to handle Public Provident Fund and Senior Citizens Savings Scheme for the convenience of the public.

The government has also allowed institutionally promoted private sector banks – ICICI Bank, IDBI Bank, HDFC Bank and UTI Bank – to handle PPF and senior citizen scheme.

The move is part of a measure to increase the convenience of customers in handling PPF accounts, which have so far been available at select bank branches and post offices.

Modalities for the new arrangement are being worked out and banks will be notified shortly, an official release said.

"At present, in addition to post offices, there are about 5,500 bank branches operating these schemes and this measure will increase the number quite substantially," it added.