Government Tightens Rules on PPF and Sukanya Samriddhi Accounts

CosmicTaco · 2024-09-09T10:21:36.994229+05:30

- Multiple PPF accounts must be consolidated, with excess funds in secondary accounts returned at zero interest. - Only one PPF account per minor is allowed, with irregular accounts earning lower interest rates. - NRIs cannot open new PPF accounts and existing ones will earn lower interest rates. - Grandparents are not allowed to open Sukanya Samriddhi accounts; only parents or legal guardians can. - The National Savings Scheme is effectively shut down, with existing accounts earning zero interest from October 1. Source: [Moneycontrol](https://www.moneycontrol.com/news/business/personal-finance/ppf-sukanya-samriddhi-5-new-rules-for-your-small-savings-account-heres-what-you-need-to-know-12816995.html)

Multiple PPF accounts must be consolidated, with excess funds in secondary accounts returned at zero interest.
Only one PPF account per minor is allowed, with irregular accounts earning lower interest rates.
NRIs cannot open new PPF accounts and existing ones will earn lower interest rates.
Grandparents are not allowed to open Sukanya Samriddhi accounts; only parents or legal guardians can.
The National Savings Scheme is effectively shut down, with existing accounts earning zero interest from October 1.

Source: Moneycontrol