Regularization of accounts opened in deviation to Rules stipulated under National Small Savings Schemes for select Schemes- Guidelines communicated

MoF's OM No.F.No 14/1/2018-NS-Part(1) dated 30/09/2024

F.No 14/1/2018-NS-Part(1) Government of India

Ministry of Finance Department of Economic Affairs Budget Division

Ministry of Communications Department of Posts (FS Division)

North Block,New Delhi Dated: 30.09.2024

Dak Bhawan, New Delhi- 110 001

To
1. The DDG (FS)
2. Government Business Unit of all Agency Banks

Subject: Regularization of accounts opened in deviation to Rules stipulated under National Small Savings Schemes for select Schemes- Guidelines communicated-reg.

Sir,

I am directed to reiterate the guidelines issued vide this Department's letter of even number dated 12.07.2024 on regularization of accounts opened in deviation to Rules stipulated under National Small Savings Schemes for select Schemes. Copy enclosed for requisite compliance.

2.Further, following may be noted:

a. It is reiterated that all accounts opened under NSS 87 and NSS 92 will earn zero rate of interest w.e.f. 01.10.2024.

b. Minor with guardianship can continue to hold PPF account or open a new account and will get prevailing PPF scheme interest rates (currently at 7.1% per annum). The new guidelines only apply to those cases which were irregularly opened (i.e. a minor account without Guardianship). The purpose of the guidelines is to regularize, in public interest, those PPF accounts which were opened by small investors in contravention to the extant PPF Rules.

Yours faithfully,

(VISHNUKANTH P.B) Director (Budget)

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