Small Savings Schemes new rules effective Oct 1: Everything you need to know
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The Ministry of Finance has announced new guidelines for regularising irregular accounts under National Small Savings Schemes (NSS) through Post Offices.
The new rules apply to those under NSS-87, Public Provident Fund (PPF) for minors, Sukanya Samriddhi schemes, and others. The guidelines will be effective from October 1.
Here is what you should know about new rules for Small Savings Schemes:
1. NSS-87 Accounts
For accounts opened before April 2, 1990, the first account will get the prevailing scheme rate, while the second will get a higher rate of an additional 2 per cent. The accounts should not exceed the annual deposit limits cumulatively.
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For accounts opened after April 2, 1990, the first will get the prevailing scheme rate, while the second will earn the existing Post Office Savings Account (POSA) rate.
Both accounts will earn 0 per cent interest effective October 1, 2024. There will be no interest for more than two accounts and the principal amount will be refunded.
2. PPF accounts for minors
PPF accounts opened for minors will be paid an interest as per POSA. When the minor reaches the age of 18 and becomes eligible for opening an account, the applicable interest rate will be paid.
3. Multiple PPF accounts
The total deposits in multiple PPF accounts should not amount to more than the annual limit and any excess amount will be returned without any interest. The second account will be merged with the primary account and will be paid an interest at the prevailing scheme rate. More than two accounts will not get any interest and will be refunded.
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4. NRI PPF Accounts
Non-Resident Indian (NRI) PPF accounts under the 1968 scheme, in which Form H did not require the residency status of the account holder, will be paid interest at POSA. It is applicable for account holders who became NRIs during their tenure until September 30, 2024. From October 1, these accounts will earn zero interest.
5. Small Savings Accounts for Minors (Other than PPF and SSA)
Irregular Small Savings Accounts opened under a minor’s name will be regularised with simple interest which will be calculated based on the prevailing POSA rate.
Irregular accounts can be regularised with simple interest at the prevailing POSA rate.
6. Sukanya Samriddhi Accounts ( SSA) Opened by Grandparents
Accounts initiated by grandparents will be transferred to the person who is a natural guardian (alive parents) or Legal Guardian. If there are more than two accounts, they will be closed.
(With inputs from agencies)
