Clarification addresses concerns From a small savings circular This has created confusion among the population, particularly on platforms such as Twitter. Authorities emphasize that PPF accounts opened for minors without a guardian are considered irregular and do not comply with established guidelines.
The new rules specifically target irregular accounts that have been opened without respecting the scheme’s guidelines. Reports indicate that some people have opened multiple accounts in the names of minors to circumvent the one-account-per-person limit.
The main objective of the circular on small savings is to regularise such accounts, ensuring compliance with the regulations. Authorities warn that those who try to circumvent the PPF guidelines could face complications if their accounts are detected.
It is important to note that PPF accounts can still be opened for minors, provided they do so with a guardian. This ensures that the accounts comply with the necessary rules and safeguards aimed at protecting the interests of young account holders.
The Government urges the public to stay informed and consult official sources to avoid misunderstandings regarding the PPF scheme and its guidelines.
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