The Economic Affairs Department of the Ministry of Finance issued a circular. According to this circular, new rules for Small Savings Schemes (Small Savings Schemes New Rules 2024) will be issued from October 1, 2024. These rules are for irregular accounts as well as regular account holders.
The department has identified all the categories covered under the scheme and has issued guidelines for each category.
National Small Savings Accounts (National Saving Scheme)
The current scheme rates will be applicable on all accounts opened before 2 April 1990. On the other hand, Post Office Savings Account (POSA) will get interest at the rate plus 2%. After 1 October, both these accounts will get 0% interest.
The current scheme rate will be applicable to accounts opened after 2 April 1990. The account rate will also be applicable to POSA. But after 1 October, no interest will be paid 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 refunded.
Public Provident Fund (PPF)
If a minor’s PPF account is opened, he will get interest as per Post Office Savings Account till the age of 18 years. As soon as the minor turns 18 years old, he will get the benefit of PPF interest rate. Even the calculation of maturity in this will be done from the 18th birthday of the minor.
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If an investor has more than one PPF account, the secondary account will be merged with the primary account. 0% interest will be given from the date of opening more than two accounts.
NRI PPF account holders will also get POSA interest till September 30. After this, i.e. from October, the interest rate will be 0 percent.
Sukanya Samriddhi Yojana
If grandparents have opened 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.
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