PPF Vs Sukanya Samridhi Yojana There will be important changes in the rules of small savings schemes from October 1, there will be a direct impact on the account.
PPF Vs Sukanya Samridhi Yojana The Central Government has recently made important changes in the rules of small savings schemes. According to the new rules, old accounts in the name of grandparents will now have to be regularized. These rules will affect NRIs i.e. NRI and Sukanya Samriddhi Yojana accounts. The new rules will come into effect from October 1, 2024. Therefore, it is important that the PPF accounts of NRIs, Sukanya Samriddhi Yojana be updated in the name of grandparents immediately.
What will be the impact on PPF account?
Currently, NRIs who have a Public Provident Fund account get interest based on the interest earned on a post office savings account. This interest rate will remain applicable till September 30, 2024. However, if NRI account holders do not update their PPF account as per rules, then they will not get any interest on this account from October 1, 2024. This is why NRIs need to update their account information immediately.
This is a new rule for PPF account.
According to the new rules, if a PPF account is opened in the name of a minor, then interest on that account will be as per the interest rate available on Post Office Savings Account till the child turns 18 years of age. After the age of 18 years, the standard PPF interest rate will be applicable and the maturity of the account will be calculated from that time. Apart from this, if a person has more than one PPF account, then the interest rate of the scheme will be applicable only on the main account. Deposits in other accounts will be transferred to the main account. Zero interest will be charged on the additional amount.
What will be the impact of Sukanya Samriddhi Yojana?
The new rules will also apply to Sukanya Samriddhi Yojana. Under this scheme, it is necessary to transfer the account opened by the grandparents without their name in the name of the parents of the concerned child. Its purpose is to ensure transparency and proper maintenance of the account, so that any trouble can be avoided in future.
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