Utility News Desk !!! Public Provident Fund (PPF) is a popular investment option as it comes with government guarantee. If you also invest in PPF then this news is for you. Some rules of PPF account have been changed. The new guidelines issued may affect the accounts of minors, multiple account holders and NRIs. The Finance Ministry is going to make changes in PPF accounts from October 1. These changes were announced on 21 August 2024.
What are the new PPF rules 2024?
1- The first rule applies to minors. The circular states that interest rate equal to post office savings account will be paid for the account of minors till the minor turns 18 years of age. After this, full interest rate will be given. The maturity period of this account will also be the same date on which he turns 18 years old.
2- According to the Finance Ministry, the second change is for those who have more than one account. Money will keep coming from these two accounts to the primary account according to the interest rate fixed under the scheme. While the money from the second account will also be transferred to the primary account. Those who operate accounts other than the primary and secondary account will not be given interest.
3- The third rule applies to NRIs. It states that in the PPF accounts opened under 1968, complete information about the residence of the account opener was not taken in Form H. During this period, Indian citizens who became NRIs will get interest rate till POSA till 30 September 2024. After this date, no interest of any kind will be given on the amount of these accounts.
what is PPF
PPF or Public Provident Fund is the most popular and trusted savings scheme in India. PPF was introduced along with other savings schemes like Senior Citizen Protection Scheme (SCSS), Sukanya Samriddhi Yojana and National Savings Certificate (NSC). It gives interest up to 7.1%. It can be started with just Rs 500.