The rules for a number of minor savings programs have been loosened by the government. These consist of the Time Deposit Scheme, Senior Citizen’s Savings Plan (SCSS), and Public Provident Fund (PPF). A gazette notification on November 9 relaxed these rules.
The government currently provides nine different kinds of small savings programs.
In the case of PPF, the notification has made some changes about the premature closure of accounts.
This scheme may be called the Public Provident Fund (Amendment) Scheme, 2023, the notification said. Senior Citizen’s Savings Scheme For the Senior Citizen’s Savings Scheme, the new norms provide three months to open an account against one month at present.
As per the gazette notification, an individual can open an account under the Senior Citizen’s Savings Scheme. within three months from the date of receipt of the retirement benefits.