NEW DELHI: The federal government has relaxed the norms for numerous small financial savings schemes, together with the Public Provident Fund (PPF) and Senior Citizen’s Financial savings Scheme.
For the Senior Citizen’s Financial savings Scheme, the brand new norms present three months to open an account in opposition to one month’s time at current.
As per the gazette notification dated November 9, a person can open an account underneath the Senior Citizen’s Financial savings Scheme inside three months from the date of receipt of the retirement advantages and proof of the date of disbursal of such retirement advantages.
The deposit in such an account will earn curiosity on the price relevant to the scheme on the date of maturity or the date of prolonged maturity, the notification stated.
Within the case of the Public Provident Fund, the notification has made some modifications with regard to the untimely closure of accounts.
This scheme could also be referred to as the Public Provident Fund (Modification) Scheme, 2023, the notification stated.
In line with the notification, some modifications have been made for untimely withdrawal underneath the Nationwide Financial savings Time Deposit scheme.
If a deposit in a five-year account is withdrawn prematurely after 4 years from the date of opening of the account, curiosity can be payable on the price relevant to Submit Workplace Financial savings Account, it stated.
As per the present norms, if a five-year Time Deposit account is closed after 4 years from the date of deposit, a price admissible for a three-year Time Deposit account can be relevant for the calculation of curiosity.
Small financial savings schemes are funding avenues managed by the Division of Financial Affairs underneath the finance ministry.
At the moment, the federal government provides 9 varieties of small saving schemes, together with Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificates, Kisan Vikas Patra, Nationwide Financial savings Certificates (NSC) and Senior Citizen Financial savings Scheme (SCSS).
For the Senior Citizen’s Financial savings Scheme, the brand new norms present three months to open an account in opposition to one month’s time at current.
As per the gazette notification dated November 9, a person can open an account underneath the Senior Citizen’s Financial savings Scheme inside three months from the date of receipt of the retirement advantages and proof of the date of disbursal of such retirement advantages.
The deposit in such an account will earn curiosity on the price relevant to the scheme on the date of maturity or the date of prolonged maturity, the notification stated.
Within the case of the Public Provident Fund, the notification has made some modifications with regard to the untimely closure of accounts.
This scheme could also be referred to as the Public Provident Fund (Modification) Scheme, 2023, the notification stated.
In line with the notification, some modifications have been made for untimely withdrawal underneath the Nationwide Financial savings Time Deposit scheme.
If a deposit in a five-year account is withdrawn prematurely after 4 years from the date of opening of the account, curiosity can be payable on the price relevant to Submit Workplace Financial savings Account, it stated.
As per the present norms, if a five-year Time Deposit account is closed after 4 years from the date of deposit, a price admissible for a three-year Time Deposit account can be relevant for the calculation of curiosity.
Small financial savings schemes are funding avenues managed by the Division of Financial Affairs underneath the finance ministry.
At the moment, the federal government provides 9 varieties of small saving schemes, together with Recurring Deposit (RD), Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Saving Certificates, Kisan Vikas Patra, Nationwide Financial savings Certificates (NSC) and Senior Citizen Financial savings Scheme (SCSS).
