Small savings scheme latest update: Preparations are underway for big changes in Small Savings Scheme like Public Provident Fund ie PPF, Sukanya Samriddhi.
Actually, the central government is going to relax the process of deposit or investment under the small savings scheme. The purpose of this relaxation is to connect a large number of people with small savings schemes. The people of rural India will be benefited the most.
What is going to change
According to media report, an official associated with the Finance Ministry said that first of all people will be allowed to invest in small savings schemes using Aadhaar instead of PAN card. This exemption will encourage people in rural areas to take advantage of small savings schemes. Let us tell you that a large number of people in India have Aadhaar cards as compared to PAN cards.
What the officer said
KYC norms for small savings schemes have been prescribed for Jan Dhan accounts. Apart from this, the government will also simplify the process related to the claim on the deposit amount of the deceased investor so that there is no dispute. Apart from this, the nomination process will be further simplified.
Interest rate to be decided
Let us tell you that this news has come at a time when the government is about to take a decision on the interest rate of small savings schemes. Explain that the government considers the interest rate of small savings schemes on a quarterly basis.
In this episode, a decision will be taken on the interest for the first quarter of the new financial year i.e. from April to June. There has been no change in the interest rate on popular schemes like Sukanya and PPF for a long time.
