Department of Economic Affairs has issued new guidelines for PPF and SSY accounts. What are these new PPF and SSY Rules Effective From 1st October 2024?
All these new rules are applicable to PPF and SSY accounts which are accounted for without following the proper rules.
New PPF and SSY Rules Effective From 1st October 2024
a) More than one minor account – As per the rule, you are allowed to open only one PPF account in the name of the minor, and a joint account is not possible. However, by surpassing this rule, if you have opened multiple accounts in your minor kid’s name, then for all such irregular accounts Post Office Savings Account interest will be payable until the minor becomes the major (18 Yrs).
The maturity period for such accounts will be calculated from the date the minor becomes an adult, that is, the date from which the individual becomes eligible to open the account.
b) More than one PPF Account – The primary account will earn the…
