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What is changes in PPF scheme for 2024-25?

Question BankCategory: Finance & EconomyWhat is changes in PPF scheme for 2024-25?
Rekha asked 1 month ago

What is changes in PPF scheme for 2024-25? Is the maximum contribution to PPF limit revised in 2024-25 or not. ?

1 Answers
Manish answered 1 month ago

As of the recent changes introduced for FY 2024-25, there is no significant change in the Public Provident Fund (PPF) contribution limit, which remains at ₹1.5 lakh per financial year. However, the Government of India has announced some new rules regarding PPF accounts, effective from October 1, 2024.
Key changes include:

  1. PPF Accounts for Minors: PPF accounts opened for minors will now earn interest based on the Post Office Savings Account (POSA) interest rate until the minor reaches 18 years of age. The maturity of the account will be recalculated from the date the minor becomes an adult​.
  2. Multiple PPF Accounts: If an individual holds multiple PPF accounts, they must consolidate them, as interest may not be paid on the extra accounts​

No changes have been made regarding the maximum limit for PPF contributions or the interest rate, which continues to be 7.1% as of the last update

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