SSY & PPF account holders: The Ministry of Finance’s Department of Economic Affairs is implementing a significant modification to the post-office-related small savings program. Guidelines for the National Small Savings (NSS) programs offered by the post office have been released in response to this. These rules aim to normalize the accounts that were opened in unusual ways under the savings plans. The revised policies will take effect on October 1, 2024. They may be closed if the new guidelines are not followed.
On such an account, you won’t receive any interest.
The department’s circular states that six categories have been determined. New guidelines have been released as a result. The first account opened before April 2, 1990, will receive the bonus of the current interest rate. The second account will get the current Post Office Savings Account (POSA) rate and 2% interest on the remaining amount. Under the new rule, 0% interest will be available on both accounts from 1 October 2024.
There will be no interest applied on the principal repayment
This includes Sukanya Samriddhi (SSY) accounts opened by grandparents other than the parents of the children. PPF accounts opened in the children’s names, multiple PPF accounts, PPF accounts extended by foreigners and incorrectly opened NSS accounts. All of these accounts need to be repaired. The guidelines provide that interest will not be paid on accounts with more than two, or accounts with a third or more. In addition, the depositor will receive a reimbursement of the principal amount.
When a minor opens a PPF account,
they will be eligible for Post Office Savings Account (POSA) interest until they turn eighteen (18), at which point PPF rates will apply. The calculation of maturity will begin on the day when the minor attains the age of 18 years. If the deposit in more than one PPF account is within the annual limit, the rate in effect for the scheme will apply to the primary account. Any secondary account will be merged with the primary account. Excess money will be refunded with 0% interest. If there is a third account, the interest will become zero from the date of opening it.
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