Small Savings Schemes: New rules of PPF-Sukanya Samriddhi Yojana will be implemented from October 1, will you benefit or not..

The Department of Economic Affairs of the Ministry of Finance issued a circular. According to this circular, new rules will be issued for Small Savings Schemes (Small Savings Schemes New Rules 2024) from October 1, 2024. These rules are also for irregular accounts as well as regular account holders.

The department has identified all the categories included in the scheme and has issued guidelines for each category.

National Small Savings Accounts
The current scheme rates will be applicable on all accounts opened before 2 April 1990. At the same time, a rate plus 2 percent interest will be available in Post Office Savings Account (POSA). After October 1, 0 percent interest will be available on both these accounts.

The current scheme rate will also be applicable in accounts opened after 2 April 1990. Account rate will also be applicable in POSA. But after October 1, no interest will be available on these two accounts.

If someone has more than 2 accounts, then no interest will be given on the third additional account. Apart from this, the principal amount of the third account will also be returned.

Public Provident Fund (PPF)
If a minor has a PPF account, then he will get interest as per the Post Office Savings Account for 18 years. As soon as the minor turns 18 years old, he will get the benefit of the PPF interest rate. Even the calculation of maturity in this will be done from the 18th birthday of the minor.

If an investor has more than one PPF account, then the secondary account will be merged with the primary account. More than two accounts will get 0 percent interest from the date of opening.

NRI PPF account holders will also get POSA interest till 30 September. After this, i.e. from October, the interest rate will be 0 percent.

Sukanya Samriddhi Yojana
If grandparents have opened a Sukanya Samriddhi Account, then the account will be transferred to the guardian or biological parents. If there are more than two accounts, then the additional account will be closed.

Instructions for post offices
The post office will have to collect the PAN card and Aadhaar card details of the account holders or guardians. It is the responsibility of the post office to inform the customer about these new rules and guide them.