look news india
Both Public Provident Fund and Sukanya Samriddhi Yojana are such schemes in which a good amount of money can be generated by investing for a long time. Any Indian citizen can invest in PPF, whereas in Sukanya Samriddhi, investment can be made only in the name of daughters up to 10 years of age. The government has prepared this scheme to secure the future of daughters. If you have also invested in any of these schemes then this news is for you. New rules regarding both these schemes are going to be implemented from today i.e. from 1st October. Investors must be aware of these rules.
New rules of PPF
First change- The first change in Public Provident Fund (PPF) is regarding the PPF account opened for minors. In a PPF account opened in the name of a minor, he will get interest at the rate of post office savings account till the child turns 18 years of age. After that the interest rate applicable on PPF will be applicable. Maturity will be calculated from his 18th birthday.
Second change- The second change in PPF is that if someone has opened more than one PPF account, then the existing interest rate will be applicable on the primary account and the secondary account will be merged into the primary account. The excess amount will be returned with 0% interest. 0% interest will be available from the date of opening more than two additional accounts.
Third change- The third change in the scheme is regarding NRIs that such active NRIs whose PPF accounts were opened under 1968, where the residential status of the account holder is not specifically asked in Form H. Such account holders will get interest on Post Office Savings Account (POSA) till September 30. After this date the interest will be 0%.
New rules of Sukanya prosperity
The rules of Sukanya Samriddhi Yojana, a scheme started for daughters from today i.e. 1st October, will also change. According to the new rule, if Sukanya Samriddhi account has been opened by grandparents, then the account will be transferred to the guardian or biological parents. If more than two accounts have been opened, the additional account will be closed.