The bill does not make any amendment in interest rate or tax policy on small savings scheme.
Withdrawing money from small savings schemes like the provident fund may soon become a reality, thanks to new provisions proposed by the government. The government, on Tuesday, proposed to make it easier for small savings scheme holders to close their accounts early. Currently, small savings accounts like public provident fund (PPF) cannot be closed prematurely before the completion of five years. Besides, the government, on Tuesday, also proposed amendments in the Small Savings Act to subsume the provisions of PPF accounts as well as small savings schemes under a single act.