Any Indian citizen can invest in PPF, while in Sukanya Samriddhi, investment can be made only in the name of daughters up to 10 years of age. New rules are going to be implemented for both these schemes from today, October 1. Investors must be aware of these rules.
Public Provident Fund and Sukanya Samriddhi Scheme are both such schemes in which a good amount of funds can be created by investing for a long time. Any Indian citizen can invest in PPF, while in Sukanya Samriddhi, investment can be made only in the name of daughters up to 10 years. The government has prepared this scheme to secure the future of daughters. If you have also invested in any of these schemes, then this news is for you. Today, from October 1, new rules are going to be implemented regarding both these schemes. Investors must be aware of these rules.
New rules of PPF
First change- The first change in Public Provident Fund (PPF) is regarding the PPF account opened for minors. In the PPF account opened in the name of a minor, he will get interest at the post office savings account rate until the child turns 18 years old. After that, the interest rate applicable for PPF will apply. Maturity will be calculated from his 18th birthday.
Second change- The second change in PPF is that if someone has opened more than one PPF account, then the current interest rate will be applicable on the primary account and the secondary account will be merged with the primary account. The excess amount will be refunded with 0% interest. More than two additional accounts will get 0% interest from the date of their opening.
Third change- The third change in this scheme is regarding NRIs that such active NRIs whose PPF accounts were opened under 1968, where Form H does not specifically ask about the residential status of the account holder. Such account holders will get Post Office Savings Account (POSA) interest till 30 September. After this date, the interest will be 0%.
New rules of Sukanya Samriddhi
From today i.e. October 1, the rules of the scheme for daughters Sukanya Samriddhi Yojana will also change. According to the new rule, if the Sukanya Samriddhi Account is opened by grandparents, then the account will be transferred to the guardian or biological parents. If more than two accounts have been opened, then the additional account will be closed.
