New PPF rules from October 2024: The PPF scheme is proving to be a boon for the people these days, whose benefits you can also take easily. Do you know that the PPA scheme is going to prove to be of tremendous use to you? From the coming month, preparations are underway for a big change in the Public Provident Fund scheme operated under the Small Savings Scheme of the Post Office. Under this change, there will be modifications to the rules pertaining to multiple PPF accounts, minors, and Non-Resident Individuals (NRIs). These changes have the potential to significantly enhance earning potential.
The special thing about these rules is that they apply to both irregular accounts and regular account holders. The Ministry of Finance has issued a guideline in this regard, and it will take effect from October 1, 2024. Let us know what changes are going to happen under this scheme.
The PPF scheme involves important work.
We will calculate the maturity of irregular accounts opened in minors’ names based on their date of adulthood.
The post office savings account will pay interest until the individual reaches adulthood, which is 18 years of age. This means that the account’s active period begins on the date the person becomes eligible to open a regular account. Following this, the Public Provident Fund will begin to receive interest.
If NRIs open PPF accounts without disclosing their residency status in Form-H, they will receive the benefit of the post office savings account interest rate. This will benefit those investors who will become NRI by September 30, 2024.
Only the primary account will receive interest if there are multiple PPF accounts; all other accounts will merge into the primary account. Only this amount will be eligible for interest.
The unique aspect of these rules is that they apply to both irregular and regular account holders. The Ministry of Finance has issued a guideline in this regard, which will take effect from October 1, 2024. Let us know what changes are going to happen under this scheme.
