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Amendments in Small Saving Schemes & PPF
Introduction
The government of India proposes the unification of Public Provident Fund Act, 1968 and Government Savings Certificates Act, 1959 with the Government Savings Banks Act, 1873.
The Objective of this merger
- A single act is to make implementation for depositor is much easier as they do not need to follow different rules of different acts.
- The Single scheme will reduce the ambiguities.
- Common scheme increase flexibility for investors.
- Easy to understand the provision of the small saving scheme.
- Minimum government and maximum goverance.
Priority area under this scheme
- Interest to small savers
- Saving for the benefits of girl child
- Senior citizen
- Regular savers
About Government Saving Certificate Act, 1959
- This act was enacted by parliament.
- This act came into force on 1st August 1960.
About Public Provident Fund Act, 1968
- This act was enacted by parliament.
- It was introduced by the National Savings Institute of the Ministry of Finance in 1968
- A minimum annual deposit of Rs. 500 is necessary to start and maintain a PPF account
After the merger of above two schemes with Government Savings Banks Act, 1873 what are the benefits for investors?
Other Benefits are:
- This scheme provides the higher rate of interest as compared to bank deposits.
- Income tax benefits.
The document Amendments in Small Saving Schemes & PPF is a part of the Bank Exams Course IBPS PO Prelims & Mains Preparation.
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Apr 21, 2026 Last updated
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