Income Tax : Public Provident Fund Accounts– requests for premature closure Recently, there has been a considerable increase in the numbe...
Income Tax : When a depositor changes his name, g. on adoption or otherwise or in the case of female depositor, on marriage, the depositor shou...
Income Tax : The limit of deposit in PPF of Rs. 1,00,000 (Now 1.50 Lakh) in a year by an individual in his self-account and accounts opened by ...
Corporate Law : Discover the latest interest rates for Small Savings Schemes for April-June and July-September 2024. Get detailed insights and com...
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Finance : Explore SB Order No. 23/2023 issued by the Government of India, Ministry of Communications, on the revision of interest rates for ...
Finance : Get the latest update on small savings scheme interest rates in India. Revised rates for Q4 2023-24 released by the Ministry of Fi...
Corporate Law : Explore the impact of SB Order No. 22/2023 on Senior Citizen's Savings Scheme, National Savings Time Deposit Scheme, and Public Pr...
Government announces the Revision of interest rates for Small Savings Schemes for the Third Quarter of the current Financial Year 2018-19 On the basis of the decision of the Government of India, the interest rates for Small Savings Schemes are to be notified on Quarterly Basis with the approval of the Union Finance Minister. Accordingly, […]
As per the Public Provident Fund Scheme, 1968, a PPF account can not be opened in joint names, i.e. in the names of more than one individual. Ministry of Finance has been receiving references from various Banks and Post Offices seeking regularization of irregular PPF accounts opened in joint capacity.
Aadhaar number shall be the unique identifier for the purpose of establishing the identity of Public Provident Fund account holder. Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrollment for Aadhaar.
If a PPF account that has already completed 15 years and has subsequently been extended under the provision of para 9(3A) of the PPF Scheme is closed prematurely before the completion of the current 5 year block period, the reduction in interest rate by 1 percentage point shall be applicable from the date of the commencement of the current 5 year block period and not from the date of initial opening of the account.
On the basis of the decisions of the Government, interest rates for small savings schemes are to be notified on quarterly Accordingly , the rates of interest on various small savings schemes for the second quarter of financial year 2016-17 , on the basis of the interest compounding/payment built-in in the schemes, shall be as under :
3(C) A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is a guardian, on a written application to the Accounts Office, on any of the following grounds, namely, (i) that the amount is required for the treatment of serious ailments or life threatening diseases of the account holder, spouse or dependent children or parents, on production of supporting documents from competent medical authority.
Central Government hereby notifies that the subscriptions made to the fund on or after the 1st day of April, 2016 and the balances at the credit of the subscriber shall bear interest at the rate of 8.1 per cent. per annum.
Public Provident Fund Accounts– requests for premature closure Recently, there has been a considerable increase in the number of cases being forwarded by Circles to the Directorate for taking up with the Ministry of Finance, relating to premature closure of PPF accounts. The Ministry of Finance have noticed that very few of them qualify for […]
When a depositor changes his name, g. on adoption or otherwise or in the case of female depositor, on marriage, the depositor should be required to intimate the fact in writing to the post office and produce the pass book of the account. The intimation should bear the depositor’s signature with the old as well […]
The limit of deposit in PPF of Rs. 1,00,000 (Now 1.50 Lakh) in a year by an individual in his self-account and accounts opened by him on behalf of his minor(s) of whom he is the guardian is combined under rule 3 (1) of the Scheme.
