Six sew small savings scheme rules from October 1, 2024

The first opened account will get the prevailing scheme. he second account will earn the prevailing POSA rate. From October 1, 2024, both accounts will not earn any interest.

The third and subsequent accounts will not be eligible for interest payments.

For such irregular accounts, POSA interest will be paid until the individual (minor) reaches the age of eighteen, at which point the individual is eligible to open an account. The relevant interest rate will then be paid. The date the minor becomes an adult, or the date the person is qualified to open the account, shall be used to determine the maturity period for such accounts.

If deposits are made within the annual limit, the primary account will be paid the scheme rate.

Any second account will have their balances combined into the main account. Post-merger, the primary account will continue to enjoy the prevailing scheme rate of interest. Excess balance in the second account, if any, shall be refunded with Zero percent rate of interest.

Only those active NRI PPF accounts opened under the Public Provident Fund Scheme (PPF), 1968, for which Form H did not expressly request the account holder's residency status, will receive the POSA rate of interest until September 30, 2024. The account holder must be an Indian citizen who became an NRI during the account's currency. There will be no interest charged on the aforementioned account.

Such irregular accounts may be regularised with simple interest. The interest rate for calculation of simple interest on the account should be the prevailing POSA rate.

ln case of accounts opened under the guardianship of grandparents (who are other than legal guardian), the guardianship will be transferred to a person to the natural guardian (alive parents) or Legal Guardian.

If more than two accounts are opened within a family in violation of Sukanya Samriddhi Account plan, those accounts will be canceled.