PPF, SCSS, post office saving schemes rules revised: Check what’s new

Post Office Saving Schemes: Making a nomination in all financial instruments helps a lot. It ensures the rightful claimant gets the money or death proceeds as intended by the investor. In the absence of any nomination, the legal heirs often have to go through a lengthy process of claiming the money. Recently, there has been a change in the rules concerning the post office small saving schemes. The new rule pertains to the process of sanctioning of death claims of the various PO schemes where no nomination is registered and there is no legal evidence available. The Department of Posts under the Ministry of Communications & IT has issued two Orders on two different dates for the post officials to follow in such cases where nominations are not provided in the post office investments such as PPF, NSC, KVP, SCSS etc.

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