Small Savings Schemes Rules Changed: If you have also invested money in small savings schemes including PPF, Senior Citizen Savings Scheme… then now the government has given a big relief in the rules. .
Small Savings Scheme: The Central Government has given relief to those investing money in small savings schemes. If you have also invested money in small savings schemes including PPF, Senior Citizen Savings Scheme,
then now the government has given a big relief in the rules. Under the new norms, the time to open an account under the Senior Citizens Savings Scheme will be three months, whereas at present this period is one month.
According to the government notification, a person can open his account in the Senior Citizen Savings Scheme within three months from the date of retirement. This notification has been issued by the government on 9 November.
Rules for closing the account also changed
It was said in the notification that interest will be given at the rate fixed for the scheme on the date of maturity or extended maturity. Some changes have been made regarding premature closure of accounts in the case of Public Provident Fund.
Public Provident Fund (Amendment) Scheme
It was said in the notification that this scheme can be called Public Provident Fund (Amendment) Scheme, 2023.
Rules for withdrawing money also changed
Apart from this, some changes have been made in the rules for premature withdrawal under the National Savings Fixed Deposit Scheme. If the amount deposited in an account with a tenure of five years is prematurely withdrawn after four years from the date of account opening, interest will be payable at the rate applicable to Post Office Savings Account.
According to the existing rules, in the above situation interest is given at the acceptable rate for a three-year fixed deposit account. Small savings schemes are managed by the Department of Economic Affairs under the Ministry of Finance.
9 types of savings schemes are being run
Let us tell you that 9 types of savings schemes are being run by the Central Government. These include Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificate, Recurring Deposit (RD), Kisan Vikas Patra (KVP),
National Savings Certificate (NSC) and Senior Citizens Savings Scheme. (SCSC) are included. All these schemes get the benefit of huge interest from the government. Along with this, the interest rates of these schemes keep changing on quarterly basis.
