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Rules for Senior Citizen’s Savings Scheme and PPF
November 15 , 2023
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- The government made several important changes in the popular Senior Citizen’s Savings Scheme (SCSS), Public Provident Fund (PPF) and 5-year post office time deposit.
- A retired individual of more than 55 years of age but below 60 years of age will now have three months' from earlier one month time.
- The new rules allow the spouse of a government employee to invest the financial assistance amount in the scheme.
- The account holder can continue to extend the account for n number of block - the block being of three years each.
- Earlier, the extension was allowed only once.
- The closure of the existing account or accounts, new accounts or accounts may be opened again as required by the depositor subject to the maximum deposit limit.
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