- From October 1, 2024, you can open PPF and Sukanya Samriddhi Yojana accounts at HDFC Bank branches.
- New uniform rules make it easier to extend accounts, close them early, and change nominees for these schemes.
- PPF accounts can be extended in 5-year blocks after maturity; SSA accounts allow early closure under certain conditions.
Government has announced key updates to small savings schemes, including the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana, aimed at simplifying account management. Effective October 2024, these accounts can be opened not only at post offices and public sector banks but also at HDFC Bank branches. In addition, new uniform rules for account operation, extension, and closure will be implemented to provide a smoother and more convenient experience for investors.
How to Open PPF and Sukanya Samriddhi Accounts at HDFC Bank
From October 1, 2024, HDFC Bank branches are allowed to open Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSA) accounts. This move is to make it easier for customers who prefer private sector banks. To open an account, just visit your nearest HDFC Bank branch with your identity proof, address proof, and photographs. The bank staff will guide you through the application process, making it easier than ever to start your small savings journey.
New Uniform Rules for Account Operation and Management
Along with wider access, the government has introduced uniform rules for managing PPF and SSA accounts starting October 2024. These rules cover account extension, early closure, and nominee updates, making sure the procedures are the same across all small savings schemes.
Extending Your PPF Account After Maturity
Your PPF account matures after 15 years, but you can extend it in 5-year blocks if you want to keep earning tax-free interest. The new rule asks you to send a written request for extension within one year of maturity. If you miss this, the account will be treated as fully matured, and no more deposits will be accepted. This change helps you plan your investments better and avoid any confusion about your account status.
Early Closure of Sukanya Samriddhi Account
Earlier, closing a Sukanya Samriddhi Account before maturity was limited. Now, under the updated rules, early closure is allowed in certain cases like the death of the account holder or a medical emergency that makes continuing the account difficult. This flexibility offers relief to parents and guardians during unexpected situations.
Adding or Changing Beneficiaries in Sukanya Samriddhi Yojana
To make sure funds can be transferred smoothly in emergencies, the process for adding or changing nominees in SSA accounts has been made simpler. Guardians can now update beneficiary details with less paperwork, making it easier to protect the investment for the girl child’s future.
Uniform Rules Across Small Savings Schemes from October 2024
These updates are part of a larger effort to standardize procedures across various small savings schemes like PPF, SSA, and others. Whether it’s early closure, nomination changes, or account operations, the new uniform rules aim to make the processes clear, customer-friendly, and consistent across all platforms including banks and post offices.
| Feature | Details |
|---|---|
| Account Opening Start Date | October 1, 2024 |
| Authorized Banks | HDFC Bank, Post Offices, Public Sector Banks |
| PPF Account Maturity | 15 years |
| PPF Extension Period | 5-year blocks |
| PPF Extension Request Timeline | Within 1 year of maturity |
| SSA Early Closure Conditions | Death of account holder, Medical emergency |
| Nominee Update Process | Simplified for SSA accounts |
For more details and official guidelines, you can visit the National Savings Institute website. Staying updated with these changes will help you get the most out of your investments in PPF and Sukanya Samriddhi Yojana.