PPF Withdrawal Rule Changed: The government has also changed the rules for premature closure of PPF account. In the notification, these changes have been named Public Provident Fund (Amendment) Scheme, 2023. It also explains the special adjustments for premature withdrawal of funds from the National Savings Time Deposit Scheme.
The government has changed the rules of many small savings including Public Provident Fund and Senior Citizens Savings Scheme ( SCSS ). This has made them more attractive for investment. Under the new rules, now you will get three months time to open Senior Citizens Savings Scheme. Only one month’s time was left. The government has issued a notification in this regard on November 9.
A person can invest the money received on retirement in the Senior Citizens Savings Scheme within three months. During this time, he will have to provide proof of the date on which the retirement money has come into his account. It has been said in the notification that the interest rate on the money deposited in the scheme will be as per the interest rate on the date of maturity of the Senior Citizens Savings Scheme.
Change in the rules for withdrawing money from PPF
The government has also changed the rules for premature closure of PPF account. In the notification, these changes have been named Public Provident Fund (Amendment) Scheme, 2023. In this, special adjustments have also been made in case of premature withdrawal of money in National Savings Time Deposit Scheme. It says that if money is withdrawn from a five-year account after four years from the date of opening the account, then the interest rate of Post Office Savings Account will be applicable on it.
Total 9 small savings schemes
Currently, the rule is that if a five-year deposit account is closed after four years of opening it, then the interest rate of a three-year time deposit account will be applicable on it. Small Savings Accounts are managed by the Department of Economic Affairs, Ministry of Finance. Currently, 9 types of small savings schemes of the government are available.
These include Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Kisan Vikas Patra, National Savings Certificate (NSC) and Senior Citizen Savings Scheme (SCSS).