The authorities had modified some guidelines of Public Provident Fund (PPF) final 12 months. Now the principles of process have been modified. PPF is taken into account a protected funding choice beneath the federal government's Small Savings Scheme. Through these new guidelines, an effort has been made to provide many services to PPF account holders. If you even have a PPF account, then realizing in regards to the change in guidelines is prone to show a worthwhile deal for you. <! –
Let us know what modifications have taken place: –
1. According to the brand new guidelines, now PPF account might be expanded inside one 12 months from the date of maturity of the unique public provident fund account and for this now Form Four needs to be crammed instead of Form H.
2. Now deposits might be made in PPF account a number of instances a 12 months. The authorities has accepted a number of deposits in a number of of Rs 50 in a monetary 12 months, eliminating the restrict of deposits 12 instances. This quantity won’t be greater than 1.5 lakh rupees.
3. Changes have additionally been made within the account closure guidelines. If an account holder modifications his tackle, he’ll be capable to shut the PPF account earlier than maturing. Earlier there was a provision to shut the account solely on sure situations.
4. The guidelines associated to loans have been modified. Now PPF account holders can apply for loans between the third and sixth monetary 12 months. However, the rate of interest on this has been lowered. You can borrow as much as a most of 25 % of the steadiness for the final two consecutive years. But the rate of interest on this has been lowered from 2 % to 1 %.
5. Customers are given reduction on the return of mortgage. If an individual is unable to return your complete mortgage even beneath the availability of returning the mortgage quantity in 36 installments, then a steadiness of 6 % will likely be charged on the remaining mortgage portion.