PPF SCHEME: If you are investing in PPF scheme then this news is very important for you. Actually, 3 changes have been made in the rules of PPF by the government. Therefore, it is very important for PPF investors to know about these rules.
For information, let us tell you that a guideline has been issued by the Financial Department regarding more than one PPF accounts, account opened in the name of a child and PPF accounts through NRI under National Small Savings Schemes through post office. What will be the effect of these changes on you. Let us know about it in detail.
Account opened in the name of the child
At the same time, the government said that in the PPF account opened in the name of the child, interest will be paid from the post office savings account when the child turns 18. After this, the interest rate will also be applicable through PPF. Apart from this, the calculation of maturity will be done when the child turns 18. At the same time, many people open PPF account in the name of their child.
Rules for more than one PPF accounts
At the same time, a guideline has been issued by the government that if more than one PPF account is open, then interest will be given according to the interest rate being given in the primary account. After this, the second account will be given on the basis of the interest being received by the first. The primary account is within the investment limit applicable every year. Keep in mind that all accounts except the first account and the second account will not receive interest from the day of their opening. The amount deposited in it will be provided interest at the rate of zero percent.
PPF rules for NRIs
NRI PPF accounts opened under the Provident Fund Scheme i.e. PPF 1968, here the place of residence of the account holder is not asked in Form H. So in such a situation, the account opened by the citizens has become NRI, in such a situation, POSA interest rate will be provided till 30 September 2024. After this, interest will be given in the account at the rate of zero percent.