The latest PPF, SCSS and Post Office Term Deposit Amendment Rules 2023 were introduced on 7th November 2023. Few rules are investor-friendly and few are harsh.
The government notified these changes on 7th November 2023. As I mentioned above, few rules with respect to PPF and SCSS look investor-friendly. However, the new rules with respect to a 5-year term deposit look too harsh. Let us see all these changes in detail.
PPF, SCSS and Post Office Term Deposit Amendment Rules 2023
1) PPF or Public Provident Fund (Amendment) Scheme, 2023
Let me explain to you at first the existing rules of PPF premature withdrawal rules (I wrote an article on this “Premature Closure Of PPF Account – New Rules 2016“).
You are allowed for premature closure of your account or for the account where you are a guardian for minors or a person of unsound mind by submitting Form-5. You are allowed for premature closure only for the below reasons.
(a) Treatment for a life-threatening disease of the account…