ppf new rules 2024/sukanya samridhi yojana new rules 2024/small savings schemes,PPF,SSA new rules

The ministry issued a circular on August 21, 2024, laying down the guidelines for processing the cases of regularization of irregularly opened accounts under various National Small Savings Schemes through post offices.
New rules for regularisation of irregular PPF, Sukanya Samriddhi Yojana, other small savings schemes with effect from October 1, 2024 have been explained in the circular.

Rules for regularization of irregular PPF accounts in 3 different cases are as follows:
Interest rate of PPF account for minors
More than one PPF Account
Extension of PPF account for NRIs


1) Interest rate of PPF account for minors
The interest rate applicable for Post Office Savings Account (POSA) will be applicable for PPF accounts in the name of minors till the age of 18, Thereafter, the applicable interest rate will be paid..
The maturity period will be calculated from the date the minor attains adulthood, when they become eligible to open their own regular account.


2) More than one PPF Account
If you have multiple PPF accounts, the scheme interest rate will be earned on the primary account till the deposit remains within the yearly limit.
If the primary account stays below the applicable investment limit for the year, the second account's balance will get combined with it.
The second account's excess balance will get returned without any interest while the primary account will continue earning the prevailing interest rate.
Apart from the primary and second account, other accounts will not get any interest.


3.Extension of PPF account for NRIs
NRIs with Public Provident Fund (PPF) accounts(Indian citizens who became NRIs during the account's tenure) that were opened without residency details continue to earn interest at the Post Office Savings Account (POSA) rate. This rate remains applicable until September 30, 2024.
After this date, these accounts will earn zero interest.


Regularisation of Sukanya Samriddhi Account (SSA)
Guardianship:-
If a grandparent opens an SSY account, the guardianship must be transferred to the natural guardian (living parents) or the legal guardian. 
More than two Accounts in family:-
If more than two accounts are opened in a family of Sukanya Samriddhi Account Scheme, 2019, then the irregular accounts will be closed by treating them as accounts opened in contravention of the scheme guidelines

Small Savings scheme:-
account opened under the name of a minor Such irregular accounts may be regularised with simple interest.
The interest rate for calculation of simple interest on the account should be the prevailing POSA rate.

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