Senior Citizens’ Welfare Fund funding
Q. Senior Citizens’ Welfare Fund is supposed to be funded through
1) National Savings Certificates
2) Post Office Recurring Deposit Accounts
3) Post Office Savings Accounts- Published on 03 Aug 16a. 1, 3
b. 1, 2
c. 2, 3
d. All of the above
ANSWER: All of the above
- Deposits that remain unclaimed for over seven years in savings instruments such as EPF, Public Provident Fund (PPF), Post Office Savings Accounts, Post Office Recurring Deposit Accounts and National Savings Certificates, are to be diverted to finance a new Senior Citizens’ Welfare Fund.
- The EPFO board members were informed that the Finance Act of 2016, notified on May 14, had an overriding clause that renders any provisions of any other laws related to the issue, such as the EPF Act of 1952, ineffective.
