PPF & Sukanya Samriddhi Yojana: New rules you must know

From October 1, 2024, small savings accounts like PPF and Sukanya Samriddhi can be opened at HDFC Bank branches, in addition to post offices and public sector banks. This step aims to make it easier for customers to access and operate these accounts.

Once your PPF account matures after 15 years, you can extend it in blocks of five years. The extension request must now be submitted in writing within one year of maturity; otherwise, the account will be treated as matured, and fresh deposits will not be accepted.

Parents or guardians can now close an SSA before maturity under new, clarified rules. Premature closure will be allowed in case of the accountholder’s death or if there is a medical emergency that makes continued operation difficult.

For Sukanya Samriddhi accounts, guardians can now add or update nominee details more easily. This change ensures the investment is transferred smoothly in case of unforeseen circumstances, without complicated paperwork.

The October 2024 updates also bring uniform rules across schemes like PPF, SSA, and others, covering premature closure, nomination, and account operation procedures. These changes aim to make processes more consistent, transparent, and customer-friendly.