PPF Account rules changed from 1st October know the details about Public Provident Fund guidelines

Public Provident Fund: Changes have been made in the rules related to Public Provident Fund Account (PPF Account). The new rules are going to be applicable on accounts opened through Post Office from Tuesday, October 1. Under this, the rules related to more than one PPF account, accounts opened in the name of children and NRI PPF accounts have been changed. Let us give you detailed information about them.

Interest will continue to accrue on PPF account opened in the name of a minor

According to the Finance Ministry, many changes are being made in the PPF account under the National Savings Schemes run through the Post Office. Under this, interest will continue to accrue on the PPF account opened in the name of a minor till he turns 18 years old. The maturity period of these accounts will be considered to be the date of his attaining majority. If parents, grandparents have opened separate accounts in the name of the minor, then the money deposited in it should not exceed the limit. The same rule will apply in case of joint account also.

If there is more than one PPF account, they will be merged.

If someone has opened more than one PPF account, they will be merged and interest will continue to accrue on the primary account. The money present in the other account will also be transferred. The money deposited in these also should not exceed the fixed annual limit. The fixed interest rate will continue to be available after the merger. If the money exceeds the limit, it will be returned. If there is any third PPF account apart from primary and secondary, then interest will not be given on it.

Interest will be available on NRI PPF account only till 30th September

According to the new guidelines, if an NRI has opened a PPF account under the Post Office Savings Scheme, then he will get interest only till September 30, 2024. This is being done due to lack of residence certificate. However, he will be able to operate his PPF account till maturity. These amendments will affect those Indian citizens who became NRIs after the activation of their PPF account. At present 7.1 percent annual interest rate is being given on PPF.

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