Key Points
On November 7, 2023, the government released a notification that made numerous significant modifications to the popular SCSS, PPF, and 5-year post office time deposit..
The government issued a notification on November 7, 2023 making several important changes in the popular Senior Citizens Savings Scheme (SCSS), Public Provident Fund (PPF) and 5-year post office time deposit...
As per the notification, The deposit made at the time of opening of account shall be paid on or after the expiry of five years or after the expiry of each block period of three years where the account was extended under paragraph 8 from the date of opening of account..
What has changed: In the Public Provident Fund Scheme, 2019, in paragraph 13, in the second proviso, for the words or the date of extension of the account, the words or from the date of commencement of the current block period of five years shall be substituted, as per the Department of Post notification...
If a deposit in a five-year account is withdrawn prematurely after four years from the date of account opening, interest at the Post Office Savings Account rate of 4%...
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