From Sukanya Samriddhi To Other Small Savings Schemes Of The Post Office, These Rules Will Change From October 1.

Changing the way we save in IndiaImage credit source: Freepik

The rules regarding post office savings schemes are made directly by the Ministry of Finance. These schemes mainly fall under the scope of National Small Savings (NSS). Now the Department of Economic Affairs of the Ministry of Finance has made some new rules related to these, which will come into effect from 1 October 2024. Will they affect you too?

The Ministry of Finance had recently issued a circular. All these changes are mentioned in it. These rules are mainly related to regularization of irregular accounts of Sukanya Samriddhi Yojana and other small post office savings schemes. Let us know about these rules…

Rules related to post office savings plans

When any irregularities are found in accounts related to mail or other small savings schemes, they are sent to the Ministry of Finance for regularization. For this purpose, a separate department has been created in the Ministry of Finance, which works to regularize such accounts. Currently, the government has identified 6 categories where irregularities will be regularized…

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• Irregular PPF accounts opened in the name of children or minors will get Post Office Savings Account interest rate till they attain adulthood. After this, they will get PPF interest. The important thing here is that the maturity will be calculated from the date they attain majority.
• In case of more than one PPF account, interest will be given only on the main account. While apart from that, all the other accounts will be merged into the main account. Only then you will get interest on that amount.
• If the FPP account is of an NRI, where the residence status has not been declared in Form-H. POSA interest rate will be given there. This benefit will be available only to those persons who become NRI before 30th September 2024.
• If a Sukanya Samriddhi account is opened for a girl child other than her grandparents or guardians, two things will be considered. If the account has been opened under the guardianship of grandparents, then in such cases the guardianship will be transferred to the legal guardian of the child. Whereas if two accounts were opened in the same family, which violates paragraph 3 of the Sukanya Samriddhi Accounts Scheme, 2019, then those accounts will be closed.
• Rules have been changed for three types of NSS related accounts. This includes two NSS-87 accounts opened before the Director General’s order of April 1990, NSS-87 accounts opened after the Director General’s order and opening more than two NSS-87 accounts. In this, an additional interest of 0.20 per cent of Post Office Savings Account (POSA) interest will be added for the first type of accounts. While on other types of accounts only normal interest will be available. While on the third type of accounts no interest will be paid but the principal amount will be returned.