PPF, KVP, NSC to term deposits, small savings schemes rules may change; see how you will be affected
As per the proposed change, “the post offices and the banks offering the government-run small savings schemes will introduce an extra form seeking details on the status of the nominee at the time of opening of account,” said sources. The rules are likely to be implemented within next few months, latest by September. With this, the status of the nominee will be clearly defined to bring it in conformity with an apex court judgment.
The finance ministry will soon come out with rules regarding the beneficiary ownership of the small savings instruments, bringing clarity on the status of the nominees in the government-run savings schemes. Representational Image, source: Reuters