PPF Account New Rules: If you have also invested in PPF or you are planning to invest money, then the rules have been changed by the Central Government.
Public Provident Fund: There is big news for those holding Public Provident Fund Account (PPF Account). If you have also invested in PPF or you are planning to invest money, then the rules have been changed by the government. A new rule has been issued by the government, which will have a direct impact on the account holders.
Giving information
, the Finance Ministry has said that on or after December 12, 2019, if the same person has opened 2 accounts or has more than this PPP account, then they will not be able to merge. Let us tell you that the Finance Ministry has also issued Office Memorandum for this.
Merger of accounts will not be done
In the information given by the government, it has been told that whichever institution did not send or accept the request to merge all the PPF accounts opened on or after December 12. Let us tell you that the government has told about the rules of the year 2019 of PPF behind this.
Only 1 account will be active
Let us tell you that in the OM issued by the government, it has been told that out of 2 or more than 2 accounts opened after 12 December 2019, only one PF account will be kept active. Apart from this, the second aquit account will be closed.
Interest will not be given on the account.
Apart from this, the government has informed that interest will not be given on any closed account.
For those holding Public Provident Fund (PPF)
PPF account, the minimum balance is Rs 500 i.e. you have to invest at least Rs 500 in it annually or else your account gets closed. The last date for putting money in this is 31 March 2022, so before that you put this minimum balance. If you do not deposit the money by the last date, then you will have to pay a fine of Rs 50 per year.
