PPF New Rule: It is a popular investment option. The reason for this is that there’s a government guarantee behind it, due to which it gets independent and surely returns. According to the report, some rules have been changed regarding PPF account. Depression of the Ministry of Finance on Economic Affairs has changed 3 rules related to PPF account. A indirect was released on 21 August last month. The new rules are to be enforced from 1 October 2024.
According to the indirect issued by the department, numerous PPF accounts, in the name of minors and to be opened under the National Small Savings Scheme( NSS), the rules were changed in the expansion of PPF account for NRIs through postal services. Is. According to this , the Finance Ministry has all the power to homogenize over irregular small savings accounts. Thus in case, if something goes wrong then all the matters related to them should be transferred to the Ministry of Finance
Changes in these three rules
Minor PPF account
- Indirect countries that in the case of PPF account, a minor was opened in the name of a minor, the interest will be paid equal to the post office saving account, for such an irregular account till the age of 18 years. Next, he’ll be paid full interest rate. In the case of such an account, the maturity period for the minor will start when minor turns 18 years old.
Further than one PPF account
- On keeping further than one PPF account, interest rate will be available on primary account. Its position is that the deposit quantum is within the maximum limit applied to each time. The plutocrat lying in the alternate account will be added to the primary account. For this, it’s necessary that the primary account remains within the estimated investment limit every time. latterly, the plutocrat will continue in the primary account as per the interest rate of the plan. It’s important to note that piecemeal from primary and secondary accounts, interest wo n’t be paid in any number.
NRI PPF account
- In NRI PPF account, equal interest rate to the post office savings regard will be given before 30 September. After this, there will be no interest on them. The rule will applied to the active NRI PPF account opened in PPF 1968 scheme, where Form H wasn’t easily asked about the hearthstone of the account holder.