Existing, new PPF deposits continue to have protection from being attached: Govt

The economic affairs secretary said all existing protections have been saved while consolidating PPF Act under proposed Government Savings Promotion Act.

Assuaging fears of losing benefits under the Public Provident Fund (PPF) scheme with proposed changes in the Budget, economic affairs secretary SC Garg said existing and new PPF deposits would continue to have protection from being attached.

All small savings schemes including PPF will now be covered under the Government Savings Banks Act, 1873.(HT File Photo)

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

In finance bill 2018-19, a provision has been made to repeal the Public Provident Fund 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 Post Office Savings Account, National Savings Monthly Income (Account), National Savings Recurring Deposit and Sukanya Samriddhi Account.