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Existing, new PPF deposits continue to have protection: Garg

Press Trust of India  |  New Delhi 

Assuaging fears of losing benefits under the (PPF) scheme with proposed changes in the Budget, S C Garg said existing and new deposits would continue to have protection from being attached.

"deposits enjoy protection from being attached. All existing protections have been saved while consolidating Act under proposed Government Savings Promotion Act," he said in a tweet.

In Bill 2018-19, a provision has been made to repeal the Act, 1968.

As a result, all small savings schemes including PPF will now be covered under the Government Savings Banks Act, 1873.

The schemes include Savings Account, National Savings Monthly Income (Account), National Savings Recurring Deposit and Sukanya Samriddhi Account.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, February 10 2018. 17:20 IST