We have some significant news for you if you are a Sukanya Samriddhi Yojana investor through PPF. The laws governing these programs have been modified by the government. If you have invested in these PPF schemes, then you will have to complete some important work before October 1, otherwise your account may become inactive. Should you have made investments in these schemes, you will need to finish off a few key tasks before October 1st, failing which your account may be closed.
PPF
The Ministry of Finance’s Department of Economic Affairs released regulations for the Public Provident Fund (PPF) last month. These regulations will go into effect on October 1, 2024. PPF accounts opened in minors’ names will start receiving savings account interest at the beginning of the following month and continue until the child turns eighteen. Additionally, if you have many PPF accounts, then you should only have one account that will get interest as per the rate of the scheme. Apart from this, no interest of any kind will be paid on the amount deposited in other PPF accounts.
There will be new guidelines for the Sukanya Samriddhi Yojana,
which was started for daughters. The regulations about this will be modified as of October 1. The accounts that were started by grandparents or anybody else will need to be changed to the legal guardian’s or parent’s name under the new regulations. The goal of the government is to keep the accounts properly supervised and transparent.
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