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Change in rules in PPF: Many people in India invest in various schemes. Many of these people also invest in PPF i.e. Public Provident Fund. PPF is a long-term government scheme. You also get good returns in this. Your PPF account matures in 15 years. If you want to open an account in PPF for investment, then this news can prove to be very important for you.
Because the Government of India has changed the rules related to PPF which will come into effect from October 1. The government had issued a circular related to the change in these rules only last month. Which rules of PPF have been changed and what will be its effect on PPF account holders? Let us tell you all the information related to this.
Minors will get interest after 18 years
The government has changed the rules of PPF and decided that now the money deposited in the PPF account opened in the name of a minor will get the same interest as the post office savings account. Until the minor turns 18 years old, no PPF interest rate will be applicable on the account. Also, the maturity date of the PF account will start from the date the minor becomes an adult.
Zero interest PPF on NRI account without residence details
New guidelines have been issued for NRI's PPF account under the revised rules of 2017. Currently, an NRI is not required to provide his residence details for a PF account. Despite this, he is given the same interest rate as a post office savings account.
But now there will be a change, after October 1, 2024, the interest rate on such accounts will become zero. So if any NRI has a PPF account, first he should know about this rule and complete all the necessary action.
If a person has more than one PPF account then Interest will be available on only one PPF account . Then he will be given PPF interest only in the primary account. That too, interest will be given only on the money deposited within a certain limit. The amount above this will be returned with zero interest.
