Tamil Nadu allows PPF premature closure

The scheme, subscriptions to which qualify for deduction from the taxable income of the subscriber under Section 80 C for income tax purpose. The closure option can be availed in genuine cases like cases of serious ailment, higher education of children, etc., for the accounts having completed five years from the date of opening. Necessary amendments in the relevant rules are expected shortly. 

The government has further decided that interest rates of Small Saving Schemes are to be recalibrated April 1, 2016, on a quarterly Basis to align the small saving interest rates with the market rates of the relevant government securities.