look news india
Ppf account: If you have PPF, NSC or any other small savings scheme account in your post office, then this news is important for you. A new rule has been announced recently by the Department of Posts. Under this rule, if your account is not closed even after three years of maturity, it will be freeze. The Department of Posts has taken this step to secure investors’ money.
The new rules will apply to all the small savings schemes of the post office. Among these, mainly Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), National Savings Certificate (NSC), Kisan Vikas Patra (KVP), Post Office Monthly
Income Scheme (MIS), Post Office Term Deposit (TD) and Post Office Recurring Deposit (RD) are included.
Why was this decision taken?
This new rule has been explained in an order issued by the Post Office Department. According to the department, this decision has been taken to discontinue the accounts that remain inactive even after three years of maturity. Its purpose is to protect the customer’s hard earned money. This freezing process will now be done twice a year at a certain time.
When and how will the accounts freeze?
This process will be in two stages, from 1 January and 1 July. Within 15 days of these dates, all the accounts that complete the maturity period of three years will be freeze. For example, accounts that completing the maturity period of three years by 30 June or 31 December will be included in this process.
How to avoid freezing?
The account holder will have to do one thing to save his account from freeze. He has to formally apply to the post office to increase the duration of his deposit scheme. Explain that this new rule came a few days after the government’s announcement, which said that there will be no change in the interest rate of small savings schemes for the July quarter of the financial year 2025-26.