Now, if you have more than one account on PPF and Sukanya Samriddhi account, you will get normal interest rate. On maturity, you will get maximum interest benefit on only one account. This new system which will be implemented from 1st October may disappoint investors. If you have opened more than one account for big savings schemes, then you may incur loss instead of profit.
PPF and Sukanya: If you have more than one account of Public Provident Fund (PPF), Sukanya Samridhi Account (SSA), Mahila Samman Yojana, you will get the benefit of normal interest rate only. At the time of maturity, you will be able to avail the maximum interest on only one account.
Investors will be disappointed with the exercise of implementing the new system by the Central Finance Ministry from October 1. If you have opened more than one account of big savings schemes, then you may incur loss instead of benefit. In schemes with high interest rates, except one, the remaining accounts will get refund at simple interest rate. The Postal Department has issued a guideline on the instructions of the Finance Ministry.
This is how the identification will be done
Bihar Postal Circle Chief General Manager Anil Kumar said that to open an account of any scheme, a Customer Identification File (KIF) is opened for the customers. It contains the customer’s information. In the case of a newborn, when she grows up and her Aadhaar number is added to her account or at the time of withdrawal of money during maturity period, when Aadhaar is entered, the presence of more than one account will be identified. After this, except the first original account, simple interest will be paid on the remaining accounts.
Only blood relations can open the account
As per the government’s instructions, only the guardian who is a blood relation can open the account. Till now it was seen that the maternal grandparents, maternal uncles, maternal aunts, grandparents were getting the account opened. Now the government plans that only the actual guardian parents can open it.
