PPF account: Many people in India invest in different schemes. Many of them also invest in PPF i.e. Public Provident Fund. PPF is a long term government scheme. You also get good returns in this. PPF account matures after 15 years. If you want to open an account in PPF for investment or you are a PPF account holder, then know the changes in PPF accounts.
Because the Government of India has made some changes in the rules related to PPF which will come into effect from October 1. The government had issued a circular related to the change in these rules only last month. Which rules of PPF have been changed and how will it affect PPF account holders. Let us tell you all the information related to all this.
Rules changed for minors
The government has changed the rules of PPF and decided that now the money deposited in the PPF account opened in the name of a minor will get interest equal to that of a post office savings account.
The interest rate of PPF will not be applicable on the account until the minor turns 18 years of age. Along with this, the maturity date of the PF account will start from the date of the minor becoming an adult.
NRI will not get interest
Under the changed rules of PPF, new guidelines have been issued for the PPF account of NRIs. At present, no NRI had to give his residency details for a PF account, yet he is given interest as much as the post office savings account.
But now this will change, after October 1, 2024, the interest rate in such accounts will become zero. That is why if an NRI has a PPF account, then first he should know about this rule and complete all the necessary action. Interest only in primary account
If a person has more than one PPF account, then he will be given PPF interest only in the primary account. That too, interest will be given only on the money deposited within a fixed limit. Money more than that will be returned with zero interest.