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Government of India makes Amendments in Small Savings Act;

News and Press Release - Dated:- 14-2-2018 - Proposes merger of Government Savings Certificates Act, 1959 and Public Provident Fund Act, 1968 with the Government Savings Banks Act, 1873; All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act.​ ​ The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form .....

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lic Provident Fund Act, 1968 would stand subsumed in the new amended Act without compromising on any of the functional provision of the existing Act. All existing protections have been retained while consolidating PPF Act under the proposed Government Savings Promotion Act. No existing benefits to depositors are proposed to be taken away through this process. The main objective in proposing a common Act is to make implementation easier for the depositors as they need not go through different rul .....

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the said provision and the existing and future depositors will continue to enjoy protection from the attachment under the amended umbrella Act as well. Apart from ensuring existing benefits, certain new benefits to the depositors have been proposed under the bill. These are: As per PPF Act, the PPF account can t be closed prematurely before completion of five financial years. If depositor wants to close PPF account before five years in exigencies, he can t close the account. To make provisions .....

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regarding deposit by minors in the existing Acts. The provision has been made now to promote culture of savings among children. There were no clear provisions in all the three Acts for the operation of accounts in the name of physically infirm and differently abled persons. Provisions in this regard have now been made. As per existing provisions of the Acts, if depositor dies and nomination exists, the outstanding balances will be paid to nominee(s). Whereas, Hon ble Supreme Court in its judgeme .....

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