Anushka Rathod

Anushka Rathod Instagram – Are You Making These Child Investment Mistakes?

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A circular released last month explained new rules for fixing irregular accounts in schemes like PPF and SSY, effective October 1, 2024.

Irregular accounts are accounts that do not follow the rules set by a financial scheme.

There are several ways an account can become irregular—one of them is exceeding the deposit limit.

If deposits in both the parent’s and child’s PPF accounts exceed ₹1.5 lakh in a year, the child’s account becomes irregular, and the excess amount earns only 4% interest.

This scheme was recently launched in Budget 2024,

It allows partial withdrawals of up to 25% of your contributions after a three-year lock-in period.

Three such withdrawals allowed until the child turns 18.

Once the child becomes a major, 20% can be withdrawn as a lump sum, with the rest used to buy annuities or converted into a regular NPS Tier-I account for retirement.

Disclaimer: This video is for education purpose only and should not be a replacement for professional investment advice.

[Anushka Rathod, Finance, kids, investment, education]

#anushkarathod #finance #kids #investment #education | Posted on 04/Oct/2024 18:01:37