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Changes in NSS Schemes
September 14 , 2024
18 hrs 0 min
17
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- The Department of Economic Affairs has introduced new guidelines for the regularisation of irregularly opened savings accounts under the National Small Savings Schemes (NSS) through Post Offices.
- For NSS-87 Accounts, opened before April 2, 1990, first account will earn the current scheme rate and the second will earn the current Post Office Savings Account (POSA) rate plus 2 per cent of the balance.
- Beginning October 1, 2024, both accounts will receive zero per cent interest.
- Accounts opened after April 2, 1990, the first account will earn the current scheme rate and the second will earn the current POSA rate.
- Beginning October 1, both accounts will receive zero per cent interest.
- If someone has more than two accounts, no interest will be paid; however, the principal amount will be returned.
- POSA interest will be paid until the minor turns 18. Afterward, the applicable interest rate will be applied.
- Maturity will be calculated from the minor’s 18th birthday.
- If one has more Than One PPF Account, the primary account will earn the scheme rate if deposits are within the annual limit.
- The balance from any secondary accounts will be merged into the primary account.
- Excess amounts will be refunded with 0% interest.
- Active NRIs with PPF accounts that did not require residency details will earn POSA interest until September 30, 2024.
- Post this date, the interest will be 0%.
- Sukanya Samriddhi Accounts opened by grandparents (not legal guardians) must transfer guardianship to a legal guardian or natural parents.
- If more than two accounts are opened in violation of the scheme guidelines, the extra accounts will be closed.
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