What is PPF?
PPF or Public Provident Fund is the most popular and trusted savings plan in India. PPF was introduced along with other savings schemes like Senior Citizens Security Scheme (SCSS), Sukanya Samriddhi Yojana and National Savings Certificate (NSC). 7.1% interest is available in this. It can be started from just 500 rupees.
What are the new Public Provident Fund Rules for 2024?
- The first rule in this is applicable to minors. Minors’ accounts will be given interest at par with Post Office Savings Account till the minor reaches 18 years of age, the circular said. After this the full interest rate will be paid. The maturity date of this account will also be the date on which they complete 18 years.
- According to the finance ministry, the second change is for those who have more than one account. From both these accounts, money will continue to flow into the primary account as per the interest rate fixed under the scheme.
- But the money from the second account is transferred to the primary account. Interest is not paid to those maintaining accounts other than primary and secondary accounts.
- A third rule has been implemented for NRIs. It is said that in PPF accounts opened under 1968, complete information about the place of residence of the person opening the account is not taken in Form H. During this period, Indian citizens who are NRIs will get the interest rate up to POSA till September 30, 2024. After this date, no interest will be paid on the amount in these accounts.
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https://everydaytrends.in/railway-recruitment-board-notification-out-for-non-technical/