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You have mentioned that the quarterly review of interest is not applicable to existing Senior Citizen Savings Scheme (SCSS) accounts. It it applicable to existing Public Provident Fund (PPF) accounts?
- Dr.Ganapathy V.L.
The interest rate on Public Provident Fund (PPF) scheme is not fixed till maturity. Whenever the government revises interest rate on PPF, the revised rate is applicable to both existing and new accounts. Earlier the rate was revised mostly at the beginning of every financial year. However, the rate would be revised every quarter from 2016-17.
This article was originally published on March 31, 2016.
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