New rules of PPF : In view of the increasing interest of people in small savings schemes, the government has changed many rules. If you also want to invest money in these schemes, then know what changes have taken place.
The government has given relief to small investors by changing the rules of small saving schemes. For some time now, it has been continuously seen that people are investing a lot of money in Public Provident Fund (PPF), Senior Citizens Savings Scheme (SCSS) and Time Deposit Scheme. Therefore, the government has relaxed some rules by issuing a gazette notification. At present the government runs 9 types of small savings schemes. The management of these small savings schemes is done by the Department of Economic Affairs of the Finance Ministry.
What has changed?
Senior Citizens Savings Scheme (SCSS)
According to the new rules of the Senior Citizens Savings Scheme, a person can open an account under this scheme within 3 months of receiving the retirement benefit, whereas earlier this deadline was one month. According to the notification, interest on accounts opened under the Senior Citizens Savings Scheme will be calculated on the basis of the applicable scheme rate.
Public Provident Fund (PPF)
In the new notification, changes have been made related to premature closure of PPF accounts. These changes have been made in the notification under the Public Provident Fund (Amendment) Scheme. In this, changes have been made mainly regarding the rules related to premature withdrawal under the National Savings Deposit Scheme.
Post Office Savings Account
In the notification related to Post Office Savings Account, it has been said that if the amount deposited for five years is withdrawn even after 4 years, then interest will be given on it at the current applicable rates of Post Office Savings Account. Under the current rules, if the amount deposited for 5 years is withdrawn after four years, the interest will be calculated at the rate applicable to three-year deposits.