PPF, SCSS, SSY, Post Office: If you do not do these 5 things, then the account will be closed and you will not be interested

PPF-Sukanya Samridhi: The government has not increased the interest rate on the Small Savings Scheme for the third consecutive quarter. But if you do not take some precautions, then the interest that is being received will also not come to your account.

If you have opened multiple accounts under the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSAS), or National Savings Scheme (NSS-87), then now you may face problems. The government has recently implemented new rules for these investors who have been opening accounts without any investigation for many years. Know here what these rules mean. The government has imposed strict regulations on small savings schemes like PPF, SSAS, and NSS. If you have opened multiple accounts, you will have to close some of them or take the amount without interest.

Ban on holding more than one PPF account

In a circular issued by the Finance Ministry on July 12, 2024, it was made clear that no investor can hold more than one PPF account. If someone has two accounts, he has to choose one account as the head and transfer the amount deposited in the second account to it. Apart from this, the excess money deposited in the second account will be refunded without interest, which is applicable from July 12. If someone has more than two PPF accounts, they will not be entitled to the interest on it, and they will get interest only on the first account.

Only one PPF account in the name of a minor

Apart from the personal PPF account, you can also open only one account in the name of a minor. But it has been seen that some investors have opened multiple accounts in the name of their children. In such cases, the main account will continue and the second account will be considered as an irregular account. Such accounts will get interest at the rate of only 4%. While the normal PPF account will continue at the rate of 7.1%.

PPF account rules for NRIs

The government has implemented a new rule for those Indian citizens who have become non-residents (NRIs) and are still continuing to invest in their PPF accounts. Such accounts will get only 4% interest from July 12 to September 30, 2024, and after that 0% interest will be available. Opening a PPF account after becoming an NRI is not allowed, although the already opened account can be continued till it matures.

New rules for Sukanya Samriddhi Yojana (SSAS)

The government has also clarified that Sukanya Samriddhi Yojana (SSAS) can be opened only by the parents of the girl child. It has been seen that some grandparents have opened this account in the name of their grandchildren, which has now been stopped. If any such account is found, then the parents will have to get their name in it. SSAS is a famous scheme which can be opened in the name of girls below 10 years of age. The current rate in this scheme is 8.2%.

National Savings Scheme (NSS) will be closed

NSS-87 scheme which was started in 1992 and was closed in 2002. Now it has become completely inactive. Earlier, NSS accounts used to get an interest rate of 7.5%. But from July 12 to September 30, 2024, only the first account holder will get this interest, while the rest of the accounts will get 4% interest. From October 1, interest on all NSS accounts will stop.