PPF Account- New rules will be applicable for PPF account holders from next month, know about them

If you are a working person, then you must know about the Public Provident Fund (PPF), in which you invest a part of your earnings and provide financial security for the future, Public Provident Fund (PPF) remains a widely preferred investment option due to its government-backed guarantee and attractive interest rates. New updates in PPF rules from October 1, 2024, may affect various account holders. Let's know about it-

Effect on minors:

Minors holding a PPF account will now get interest at the rate applicable to post office savings accounts till the age of 18 years. After attaining the age of 18, the account will start earning a full PPF interest rate.

Rules for more than one account holder:

For individuals with more than one PPF account, the funds will be consolidated into one primary account. The applicable interest rate will be based on the rate of the primary account, and funds from secondary accounts will be transferred to this primary account.

Changes for NRIs:

NRIs who opened PPF accounts under the 1968 scheme and did not provide residence details in Form H will now get interest only till September 30, 2024.

Understanding PPF:

Public Provident Fund (PPF) is a trusted savings scheme in India, introduced along with other schemes like Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana, and National Savings Certificate (NSC).