If you invest in these savings schemes including PPF, then it is important for you to know these rules changed by the government.
The Central Government is running many schemes under the Small Savings Scheme. These schemes have been started to benefit every section. The rules and interest for investment in Small Savings Scheme are determined by the Department of Economic Affairs of the Ministry of Finance. Currently nine schemes are being run under the Small Savings Scheme. These include Recurring Deposit (RD), PPF, Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Scheme Certificate, Kisan Vikas Patra, National Savings Certificate and Senior Citizens Savings Scheme.
Recently the government has changed some rules of Public Provident Fund, Senior Citizen Saving Scheme and other small savings schemes. If you have also invested in these schemes or are planning to do so, then you should pay attention to the changed rules of these schemes.
What has changed in the Senior Citizen Savings Scheme?
If a person wants to keep money in Senior Citizen Saving Scheme, then this changed rule is very special for him. Giving relief, the government has extended the deadline for opening an account. According to the circular issued on November 9, you can open an account under this scheme within three months of retirement and avail the benefits of this scheme which provides benefits on retirement. Earlier this time was given only for 1 month. The interest rate under the Senior Citizens Savings Scheme will be calculated on the basis of maturity date or extended maturity date.
PPF rules changed
Under the PPF scheme, if a person wants to close the account prematurely, then the rules have changed for this. According to the notification, this change has been made under the Public Provident Fund (Amendment) Scheme 2023. It specifically outlines the framework relating to premature withdrawal under the National Savings Time Deposit Scheme.
post office savings account
According to PTI report, the notification states that if a person has invested in a five-year plan and withdraws the account within 4 years from that time, the interest money will be transferred to the post office savings account. According to the rules, if a person keeps money in a deposit for five years and closes his account within four years, the interest will be calculated on the basis of three years of time deposit account.