Three major changes are going to happen in the Public Provident Fund. These changes will come into effect from October 1, 2024. Guidelines have been issued by the Finance Ministry regarding this. This scheme comes with a maturity period of 15 years. It can make investors millionaires in the long term.
The Department of Economic Affairs under the Ministry of Finance has issued a guideline regarding the new rules, under which the new rules of PPF will be implemented. Apart from this, there will be changes in Sukanya Samriddhi Yojana as well. The guidelines state regularization of accounts in three different cases from minor to NRI.
PPF account in the name of minor
Post office savings account interest on irregular account will be available till the minor becomes eligible to open the account. That is, the person does not turn 18 years of age. After that PPF interest rate will be paid. The maturity period will be calculated from the date on which the minor becomes an adult.
More than one PPF account
The primary account will continue to get interest as per the scheme. Just provide that the deposit amount is within the maximum limit for each year. The deposit amount in the second account will be merged with the first account. After this, interest will continue to be paid on the primary account.
Apart from the primary and second account, 0 percent interest rate will be given from the date of opening the additional account. That is, if more than one account is opened, the interest of PPF scheme will be paid on one account.
PPF account for NRIs
On active NRI PPF accounts opened under 1968 where the residential status of the account holders is not asked in Form H. Account holders (Indian citizens who have become NRIs during the period of account opening). Interest will be paid at POSA rate till 30 September. Interest will be paid at zero rate from 1 October.
