PUBLIC PROVIDENT FUND (AMENDMENT) RULES, 2017 – AMENDMENT IN PARAGRAPH 3

NOTIFICATION NO. GSR 1237(E) [F.NO.1/10/2016-NS.II], DATED 3-10-2017

In exercise of the powers conferred by section 3 of the Public Provident Fund Act, 1968 ( 23 of 1968) , the Central Government hereby makes the following Scheme further to amend the Public Provident Fund Scheme, 1968, namely:—

1. (1) These Scheme may be called the Public Provident Fund (Amendment) Scheme, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Public Provident Fund Scheme, 1968, in paragraph 3, in sub-paragraph (3), for the proviso, the following proviso shall be substituted, namely:—

“Provided that if a resident who opened an account under this scheme, subsequently becomes a non Resident during the currency of the maturity period, the account shall be deemed to be closed with effect from the day he becomes a non-resident and interest with effect from that date shall be paid at the rate applicable to the Post Office Saving Account up to the last day of the month preceding the month in which the account is actually closed”.