Changes have been made in the rules related to Public Provident Fund Account (PPF Account). The new rules are going to be applicable on accounts opened through Post office from Tuesday, october 1. Under this, now the rules related to more than one PPF account, accounts opened in the name of children and nri PPF account have been changed. Let us give you information about them in detail.
Interest will continue to come in PPF account opened in the name of minor
According to the Ministry of Finance, many changes are being made in the PPF account under the National Savings Scheme run through the post office. Under these, now interest will continue to come in the PPF account opened in the name of a minor till he turns 18 years old. The maturity period of these accounts will be considered on the date of his adulthood. If parents, grandparents or maternal grandparents have opened separate accounts in the name of the minor, then the money deposited in it should not exceed the limit. The same rule will apply in the case of joint accounts.
If there is more than one PPF account, they will be merged
If someone has opened more than one PPF account, they will be merged and interest will continue to come in the primary account. The money present in the second account will also be transferred. The money deposited in these should also not exceed the fixed annual limit. After the merger, the fixed interest rate will continue to be available. If there is more money than the limit, it will be returned. If there is a third PPF account apart from primary and secondary, then interest will not be given on it.
Interest will be available on nri PPF account only till september 30
According to the new guidelines, if an nri has opened a PPF account under the Post office Savings Scheme, then he will get interest only till september 30, 2024. This is being done due to lack of residence certificate. However, he will be able to run his PPF account till maturity. These amendments will affect those indian citizens who became NRIs after opening their PPF account. Currently, 7.1 percent annual interest rate is being given on PPF.
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