PPF, Sukanya Samriddhi, other post office schemes rules: Guidelines on irregular small savings accounts effective from October 1, 2024
Ministry of Finance has recently announced an update to the National Savings Scheme (NSS) through a new notification dated August 29, 2024. This update explains modifications made to the National Savings Scheme Rules 1987 and 1992.
Here is what the circular says,
Following six categories have been identified. Relevant guidelines
(1). Irregular NSS accounts: These have been assessed to be of the following types.
(a). Two NSS-87 accounts opened prior to DG Posts' Order. No. 35- 19/9GSB- lll dated 02.04.1990: (i). The earliest first opened account will get prevailing scheme rate.
(ii). The second account (opened after the first account) will get prevailing POSA rate plus 200 bps on the outstanding balance.
(iii). Points (i) and (ii) will be subject to the following conditions: (a). Cumulative deposits in both the accounts put together should not exceed the applicable deposit limits for each year.
(b). Excess deposits (if any) shall be refunded to the investor without any interest.
(iv). Points (i) to (iii) are in the nature of one-time special dispensation allowed to investors of NSS-87 till 30 September 2024 from the date of OM dated 12th July 2024 issued by Ministry of Finance. (v). From 1 Oct 2024 onwards, both the accounts will earn zero percent rate of interest.
(b). Two NSS-87 accounts opened atter DG Posts' Order. No, 35- 19/90-SB-lll dated 02.04.1 990:
(i). rate. The earliest first opened account will get the prevailing scheme
(ii). The second account (opened after the first account) will get prevailing POSA rate on the outstanding balance,
(iii). Points (i) and (ii) are subject to the following conditions:
(a). Cumulative deposits in both accounts together should not exceed the applicable deposit limit for each
