The round asserting these changes was issued on August 21, 2024, with the brand new rules set to take impact from October 1, 2024.
According to an ET report, the round says, (*1*)
New PPF Rules 2024
(*3*)1. PPF account for minor: In the case of PPF accounts opened underneath the identify of a minor, the rate of interest relevant to Post Office Savings Account (POSA) will be paid for such irregular accounts till the minor reaches the age of 18, at which level they change into eligible to open their very own account. From that level onwards, the usual PPF rate of interest will be utilized. The maturity interval for these accounts will be calculated beginning from the date the minor attains maturity, i.e., the date from which they change into eligible to open the account.
(*3*)2.More than one PPF Account: The scheme charge of curiosity will be earned on the first account so long as the deposit stays inside the yearly restrict. The investor chooses two accounts from any Post Office or company financial institution, and after regularisation, the first account is the one they want to keep.
If the first account stays under the relevant funding restrict annually, the steadiness within the second account will be mixed with it. The major account will proceed to earn the prevailing scheme charge of curiosity after the merger. The second account’s extra steadiness will be returned with out curiosity.
It’s essential to notice that aside from the first and second accounts, all different accounts won’t earn any curiosity from the date of opening.
(*3*)3. Extension of PPF account by NRI: For NRI PPF accounts that are energetic and opened underneath the Public Provident Fund Scheme (PPF), 1968, the place Form H didn’t explicitly inquire concerning the account holder’s residency standing, the account holder (Indian citizen who grew to become an NRI throughout the forex of the account) will obtain a POSA charge of curiosity till September 30, 2024. After that date, the aforementioned account will earn no curiosity.
