Produced by: BT Desk Designed by: Manoj Kumar
Investors can now hold only one PPF account. Multiple accounts will be merged, with excess funds transferred, earning zero interest from July 12.
Only one PPF account can be opened per minor. Any additional accounts will earn just 4% interest, making them less attractive for long-term savings.
NRIs cannot open PPF accounts and existing accounts will earn reduced interest. After September 30, these accounts will stop earning interest entirely.
Only legal guardians, not grandparents, can open Sukanya Samriddhi accounts for girls. Accounts opened by grandparents will be shifted to parents or legal guardians.
Families can only open two SSAS accounts unless they have twins or triplets. This reinforces stricter guidelines for small savings schemes.
National Savings Scheme accounts opened before 2002 will earn reduced interest rates. By October 1, even primary accounts will stop earning interest.
Opening more than two PPF accounts results in forfeiture of interest. Any excess funds in non-primary accounts will be returned to the investor.
Multiple NSS accounts must stay within the ₹40,000 yearly limit. Excess funds in these accounts will be returned, but interest rates have significantly dropped.
Irregular SSAS accounts earn lower interest rates, discouraging investors from holding multiple accounts. They will be subject to stricter regulations going forward.