New rules for PPF-Sukanya Samriddhi Yojana

The Economic Affairs Department of the Ministry of Finance issued a circular. According to this circular, new rules will be issued for Small Savings Schemes (Small Savings Schemes New Rules 2024) from October 1, 2024. These rules are also for irregular accounts as well as regular account holders.

The department has identified all the categories included in the scheme and has issued guidelines for each category.

The current scheme rates will be applicable on all accounts opened before 2 April 1990. At the same time, rate plus 2 percent interest will be available in Post Office Savings Account (POSA). After October 1, 0 percent interest will be available on both these accounts.

The current scheme rate will also be applicable in accounts opened after 2 April 1990. Account rate will also be applicable in POSA. But after October 1, no interest will be available on both these accounts.

If someone has more than 2 accounts, then no interest will be available on the third additional account. Apart from this, the principal amount of the third account will also be returned.
If a minor's PPF account is opened, then till the age of 18 years, he will get interest as per Post Office Savings Account. As soon as the minor turns 18 years old, he will get the benefit of PPF interest rate. Even the calculation of maturity will be done from the 18th birthday of the minor.
If an investor has more than one PPF account, then the secondary account will be merged with the primary account. In more than two accounts, 0 percent interest will be given from the date of opening.