Publish Date: | Fri, 04 Mar 2022 06:31 PM (IST)
If you have invested in the PPF (Public Provident Fund) scheme then you must know that the Department of Economic Affairs under the Ministry of Finance has issued an office memorandum announcing an important update. One must be familiar with the rules of PPF 2019 to avoid any hindrance in returns on your account. Here’s what you need to know about PPF and its rule changes in order to continue to benefit from the retirement savings scheme offered by the Government of India.
What is PPF Rules 2019
As per the PPF Rules 2019, a person cannot have more than one such account in his name. If a person has opened more than one account then his account will be closed. No interest payment will also be given to such people.
what will happen next
It has been said in the memorandum that the PPF accounts opened after December 12, 2019 in the same name should be closed immediately and no interest should be paid on them.
understand change like this
Citing an example case, the department said, “The said account was opened under PPF Rules, 2019 and hence not eligible for regularization. The account can be closed immediately without payment of any interest and PPF Rules, 2019”. If any one or all the PPF accounts are proposed to be merged or amalgamated/opened on or after 12.12.2019, such accounts shall be without payment of any interest. will be closed and there will be no proposal.Such PPF accounts should be sent to the Directorate of Posts for amalgamation.
Offer should not be sent
The department also said that it will not consider any request for merging accounts, hence people should not send any such proposal under the PPF Rules, 2019 prescribed for merger of PPF accounts.
Posted By: Navodit Saktawat